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Banca Ifis

Annual Report May 14, 2018

4153_agm-r_2018-05-14_b1cb50a2-6239-4d35-b0dc-aa9c8adef783.pdf

Annual Report

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MINUTES OF THE ORDINARY GENERAL SHAREHOLDERS' MEETING ITALIAN REPUBLIC

19 APRIL 2018

On the 19th (nineteen) day of April 2018 (two thousand and eighteen) at 9.30 (nine thirty) a.m., at the registered office of the Company, "BANCA IFIS S.p.A.", in Venice-Mestre, Via Terraglio no. 63, the Ordinary General Shareholders' Meeting was convened. In attendance:

  • SEBASTIEN EGON FÜRSTENBERG born in Lausanne (Switzerland) on 24th January 1950, domiciled for the office in Venice-Mestre, Via Terraglio no. 63, an Austrian citizen, who declares to be participating in this act in his role as President of the Board of Directors of the Company, "BANCA IFIS S.p.A." with registered office in Venice-Mestre, Via Terraglio no. 63, fully paid up share capital €53,811,095.00, tax ref. and Venice Business Register registration number 02505630109, Economic Administrative Index no. 0247118, Member of the Interbank Deposit Protection Fund, ABI [Italian Banking Association] Code 3205.2, registered in the Banking Register with no. 5508, Parent Company of Gruppo Bancario Banca IFIS, quoted on the Mercato Telematico Azionario (screen-based stock exchange) - STAR segment - managed by "Borsa Italiana S.p.A." As per Article 5 of the Shareholders' Meeting Regulations, Vincenzo Schiazzano, Head of Corporate Affairs, an official of the Bank, was designated by the Shareholders' Meeting to carry out the duties of Secretary and to minute the decisions that will be taken by the Company's Ordinary General Shareholders' Meeting convened to discuss and deliberate on the following

AGENDA:

1) Approval of the Annual Financial Statement as at 31st December 2017; notification of the Group's Consolidated Annual Financial Statement as at 31st December 2017; allocation of profits for the year; inherent and consequent resolutions;

2) Remuneration policies for corporate officers, employees and associates of the Banca IFIS banking Group: Remuneration report.

3) Assigning external auditors: fees amendment.

As requested, the Secretary, Vincenzo Schiazzano - with the assistance of Sara Baso, also from the bank's Corporate Affairs unit - acknowledges that the meeting takes place as follows. SEBASTIEN EGON FÜRSTENBERG assumed Presidency of the Shareholders' Meeting, as per the Shareholders' Meeting Regulations, who, in collaboration with the Managing Director, GIOVANNI BOSSI, noted and asked for the following to be included in these minutes:

  • that the Meeting should be recorded for the purposes of preparing the minutes and that the recordings, once the minutes are prepared, will be deleted; he specified that the processing of personal data must be carried out in accordance with Legislative Decree 196/2003;

  • that the Shareholders' Meeting was regularly convened with notice made available to the public on 14th March 2018 at "Borsa Italiana S.p.A." and the authorised storage facility, , as well as on the Company's website (Corporate Governance section - Shareholders' Meetings) and published from the original on 15th March 2018 in the newspaper "Italia Oggi", in single call for today 19th April 2018 at 9.30 a.m. at the registered office;

  • that the notice convening the meeting reported the Shareholders' right to request additions to the agenda and to present new draft resolutions as per Article 126 b of Legislative Decree 58/1998 and that no Shareholder had made use of this right;

  • that as per Article 135 k of Legislative Decree no. 58/1998 the Company has identified the Chartered Accountant, CHIARA BOLDRIN, with offices in Venice 30122, Castello 5507, as designated representative for this Meeting to whom the Shareholders could delegate proxy, without incurring charges and that no Shareholder had made use of this right;

  • that the Chartered Accountant, CHIARA BOLDRIN, has declared to not having any interest in her own right or on behalf of third parties with respect to the items on the agenda;

  • that to better comply with the regulatory provisions relating to the right to ask questions before the Meeting (in particular, Article 127 c of the Italian Consolidated Finance Law) and during the Meeting, the following procedure will be used: (i) all questions submitted in writing before the Meeting and any questions submitted in writing during the discussion will be answered on a question by question basis, except where multiple questions have the same content, which will be given a joint response; (ii) the questions submitted orally during discussions will be answered at the end of all the speeches, based on what the speech contains;

  • that deposits of records and documents, all legally required notices were carried out and the obligations of market disclosure were met;

  • that the current share capital, as listed in the Venice Business Register on 5th August 2010, is €53,811,095.00 (fifty-three million, eight hundred and eleven thousand and ninety-five point zero zero) represented by 53,811,095 (fiftythree million eight hundred and eleven thousand and ninetyfive) registered ordinary shares of €1 (one) each;

  • that to obtain Shareholders' Meeting admission credentials, communication was required from an intermediary, as per Clause 9 of the Articles of Association, relating to shares owned. These communications are outlined in the document attached to these minutes at letter "A";

  • that as per Legislative Decree no. 196/2003 (Personal Data Protection Code), the data of the participants at the Shareholders' Meeting is collected and processed by the Company solely for the purpose of complying with obligatory meeting and corporate requirements, though in any case to ensure security and confidentiality;

  • that at 9.35 (nine thirty five a.m.) the Shareholders listed in the document attached to this report at letter "B" are present, meaning that 42,252,747 (forty-two million two hundred and fifty-two thousand seven hundred and forty-seven) ordinary shares with voting rights are represented at the General Shareholders' Meeting out of a total number of 53,811,095 (fifty-three million eight hundred and eleven thousand and ninety five) ordinary shares that make up the share capital, equal to 78.520% (seventy-eight point five two zero per cent) of the share capital;

  • that as of today's date according to the Shareholders' Book, supplemented by the communications received as per Article 120 of Legislative Decree no. 58/1998 (amended, with effect from 18th March 2016, by Legislative Decree no. 25 of 15th February 2016, which increased the threshold obliging a Shareholder's participation in the Meeting from 2% to 3%) and other information available, the Shareholders who hold more than 3% (three per cent) of subscribed share capital represented by shares with voting rights are:

"LA SCOGLIERA S.p.A." holder of 27,016,847 (twenty-seven million sixteen thousand eight hundred and forty-seven) ordinary shares equal to 50.207% (fifty point two zero seven per cent) of the share capital;

GIOVANNI BOSSI holder of 1,852,586

(one million eight hundred and fifty-two thousand five hundred and eighty-six) ordinary shares equal to 3.443% (three point four four three per cent) of the share capital;

  • that there are no agreements referred to in Article 122

Legislative Decree no. 58/1998;

  • that at today's date, "BANCA IFIS S.p.A." holds 377,829 (three hundred and seventy-seven thousand eight hundred and twenty-nine) of its own shares, equal to 0.702% (zero point seven zero two per cent) of the share capital;

  • that the Board of Directors is represented by the President, the Vice President, ALESSANDRO CSILLAGHY DE PACSER, the Chief Executive Officer, GIOVANNI BOSSI and by the Directors, GIUSEPPE BENINI, FRANCESCA MADERNA, ANTONELLA MALINCONICO, RICCARDO PREVE and DANIELE UMBERTO SANTOSUOSSO;

  • that the Board of Statutory Auditors is represented by the President, GIACOMO BUGNA and by the Standing Auditors, GIOVANNA CIRIOTTO and MASSIMO MIANI;

  • that the Remuneration Committee is represented by its President, FRANCESCA MADERNA, and by the Committee members, RICCARDO PREVE and DANIELE UMBERTO SANTOSUOSSO;

  • that as per Article 2429, Italian Civil Code and Article 154 c of Legislative Decree No. 58/1998, "BANCA IFIS S.p.A"'s annual financial report, including its draft budget, and the Group's consolidated financial statements, of which "BANCA IFIS S.p.A" is the Parent Company as at 31st December 2017, accompanied by the Directors' Management Report, the Board of Auditors' report and the independent auditor's report prepared by "EY S.p.A." and the declaration as per Article 154 b, paragraph 5 of Legislative Decree No. 58/1998, have all been made available to the public at the Company's registered office, "Borsa Italiana S.p.A." and the authorised storage facility, , as well as on the Company's website, and that the documentation is available to the Shareholders participating in the Shareholders' Meeting;

  • that in accordance with Article 125 c of Legislative Decree no. 58/1998, the Board of Directors has drawn up the relevant Explanatory Report regarding proposals concerning the matters under discussion at today's meeting and that the report was filed at the Company's registered office, "Borsa Italiana S.p.A." and at the authorised storage facility, , as well as on the Company's website, and that the documentation is available to the Shareholders participating in the Shareholders' Meeting;

  • that as per Article 123 b, paragraph 3 of Legislative Decree No. 58/1998, on 6th March 2018, the Board of Directors approved the "Corporate Governance and Ownership Structure Report"; the report, prepared based on the format provided by "Borsa Italiana S.p.A.", was filed at the Company's registered office, "Borsa Italiana S.p.A." and at the authorised storage facility , as well as on the Company's website along with the draft budget for the closed financial year to 31st December 2017 and is available to the Shareholders participating in the Shareholders' Meeting;

  • that Shareholders are entitled to request copies of the documentation referred to in the previous points;

  • that representatives of the External Auditors "EY S.p.A." were permitted to attend the Shareholders' Meeting;

  • that the General Manager, ALBERTO STACCIONE, attended;

  • that a number of the Company's employees and associates were present in the room and at the entrance for operational reasons.

At this point, the President requested that participants, when voting, should communicate any absence of legitimacy to vote under applicable law which provides that:

  • anyone who holds, directly or indirectly, a shareholding above 3% in a Company with publicly traded shares (2% until 17th March 2016, as already pointed out) must give written notice to that Company and to Consob;

  • they are subject to specific legal obligations and must report to the Bank of Italy any acquisition of stakes in banks that, in view of those already held, result in: a) a shareholding equal to or greater than 10%, that is, reaching or exceeding thresholds of 20%, 33% and 50% of the share capital or voting rights; b) the ability to exercise significant influence over the bank's management; c) control of the bank, regardless of the size of shareholding;

  • holders of significant shareholdings in banks must satisfy the integrity requirements laid down by applicable regulations and that, in the absence of such requirements, voting rights relating to shareholdings that exceed the shareholding thresholds established by those regulations may not be exercised.

The President acknowledged that the right of admission to the vote of all entities falling under the circumstances outlined above was checked. The President then ascertained and declared that, on the basis of the available information for admission to the vote, the necessary checks had been performed and nobody had declared any impediments.

The President reminded that the names of those who declared that they would not be voting, who would be voting against, abstaining or who would be leaving the room before each vote must be recorded in the minutes. For the purposes of the minutes, the President asked that Shareholders, as far as possible, should refrain from leaving. Those who had to leave should communicate when they leave the room at the appropriate points and should avoid leaving the room during voting. The President reported, as per Consob Communication no. 96003558 of 18th April 1996, that the auditing firm "EY S.p.A.", has, for their tasks as approved by the General Shareholders' Meeting of 17th April 2014, carried out 2,395 (two thousand three hundred and ninety-five) hours of work to review and report the financial statements and the consolidated financial statements as at 31st December 2017, with total fees of €159,000.00 (one hundred and fifty-nine thousand point zero zero Euro). He also pointed out that the afore-mentioned Consob Communication no. 96003558 of 18 April 1996 was no longer in force and therefore the number of hours used will not be communicated at the next Shareholders' Meeting to approve the financial statements. He also reminded that the information on the fees paid to the auditing companies is in any case provided for by article 2427 par. 16 b of the Italian Civil Code and by article 149 l of the Issuer Regulations, that provide for the indication in the financial statements of the amount due to the statutory auditor.

With the preliminary formalities completed and having ascertained that the Meeting was validly constituted and able to deliberate on the items on the agenda, the President stated that voting should be by a show of hands and moved on to discussion of the agenda by addressing the first item "Approval of the financial statement as at 31st December 2017; notification of the Group's consolidated financial statement as at 31st December 2017; allocation of net profit for the year; related and consequent resolutions".

The President referred to the contents of the Directors' Management Report. The President then invited the Shareholders to review the financial statement and consolidated financial statement and the related supporting notes contained in the folder distributed to those present, which he omitted reading on the express authorisation of the Meeting.

The President then discussed the reports on the financial statement and the consolidated financial statement drawn up by the auditing company "EY S.p.A.".

The President then put to the Shareholders' Meeting the proposals:

A) for approval of the financial statements for the year ended on 31 December 2017, with the management report presented by the Board of Directors;

B) for allocation of the profit for the financial year 2017 of €154,906,079.06 (one hundred and fifty-four million, nine hundred and six thousand and seventy-nine point zero six) as follows:

a) a cash dividend to Shareholders (gross of taxes) of €1.00 (one point zero zero Euro) for each ordinary share with exdividend coupon date of (no. 21) 23rd April 2018. This dividend includes the portion attributable to the treasury shares held by the Company. As per Article 83-m of Legislative Decree no. 58/1998, legitimation of the dividend payment is determined with reference to the evidence of the intermediary's accounts referred to in Article 83-d, paragraph 3 of Legislative Decree no. 58/1998, at the end of the accounting day of 24th April 2018 (the so-called record date); b) the remaining amount to be allocated to other reserves.

C) for establishment of an equity reserve, not available until the financial statements to 31/12/2021 has been approved, of €633,404,000.00 (six hundred and thirty-three million four hundred and four thousand point zero zero Euro), equal to the gain on bargain purchase emerging from the acquisition of the former GE Capital Interbanca Group, as per the data to 31/12/2016 restated in the Consolidated Financial Statements to 31/12/2017;

D) to pay the above dividend from 25 April 2018. Payment will be made through authorised intermediaries with whom the shares are registered in the Monte Titoli System.

The president pointed out that the proposed resolution is in line with:

    1. the dividend policy implemented by the Company, aimed at reconciling the need to strengthen company equity with the Shareholders' expectation to receive a dividend in line with the results of the financial statements;
    1. the desire to further strengthen the Bank's initial equity by creating a reserve that will not be available until the financial statements to 31/12/2021 has been approved. The amount of the reserve will be equal to the gain on bargain purchase resulting from the acquisition of the former GE Capital Interbanca Group.

Then, the President called the Standing Auditor, Giacomo Bugna, to speak, who, in referring to the full text of the report made available to the Shareholders, emphasised that the same does not contain particular aspects and specified that the Board had not received any complaints pursuant to article 2408 of the Italian Civil Code. Giacomo Bugna concluded that the Board had no observations to present to the Shareholders' Meeting regarding the approval of the financial statements as at 31 December 2017 or objections to the approval of the financial statements, the proposed allocation of the profit for the year and the distribution of dividends.

The President thanked the Statutory Board of Auditors and declared the debate open.

The President asked the Shareholder, Gianluca Fiorentini, to speak, who read out his speech which is reproduced below: "Given the brevity of my intervention, I would kindly ask for it to be completely minuted. One word: congratulations! As a Shareholder I have always paid particular attention to the management of the company's NPLs. Already in 2015, the CEO, in response to my speech at the meeting, reassured me that the Bank held one of the leading positions in the Italian ranking for the number of loans managed and that the newly-acquired portfolios presented only a small margin of 10% of "uncollectibility". This reassurance also continued in response to my questions at the meeting of 2016. Today there is absolutely no doubt left in my mind thanks to the very important recognition given by the Credit Village NPL Market Observatory, which honoured us with the best Investor award. Furthermore, we cannot fail to note how all the other major Italian banking groups have been excluded from this privilege, and apart from ourselves, only Unicredit and Cerved have been recognised, albeit for other merits. This goal unquestionably places us in a position of prestige and solidity, the latter also confirmed by the dividend that is submitted to our approval. But one question must be asked: what is the amount of the current NPL portfolio? What are the forecasts for 2018? Thank you".

The President thanked the Shareholder for his speech and for his words of appreciation and asked the CEO to reply.

The CEO replied that, with regard to the amount of the NPL portfolio, the Bank had achieved in terms of GBV (Gross Book Value) at 31 December 2017 approximately 13 billion Euro. The carrying amount of this portfolio in 2017 stands at around 800 million Euro, which means, that by associating this value with the numerator and the GBV with the denominator, the Bank has approximately 13 billion Euro of GBV at around 6%.

Regarding the margin of uncollectibility of 10%, the CEO specified, by focusing on and referring to the reply provided during the Shareholders' Meeting of 8 April 2015, that it is not exactly correct that the Bank can recover 90% of these amounts. It is true that a part of this 13 billion Euro is being claimed from persons against whom recovery actions have no meaning or purpose. Instead, from the other subjects, the recovery activities continue with intent.

The CEO continued by recalling that Banca IFIS's action against the credit-impaired assets of NPL is very cautious, reminding that behind the afore-mentioned numbers there are 1.5 million positions with respect to around one million three hundred thousand families. Therefore, the Bank has a duty to recover as much as possible, but with the responsibility to do it in the most sustainable manner possible for its debtors. This often places Banca IFIS in situations of dilemma between the interest of the Bank itself and the interest of the debtor families. In this mechanism, Giovanni Bossi continued, the Bank must navigate carefully while trying to keep the action balanced. On the other hand, it is not new for Banca IFIS to be present in sectors that are profitable for the Bank itself and, when the Bank acts efficiently, positive for the economy. He warned that there is no room for a credit company that is only able to extract values from the economy, leaving it in conditions worse than those prior to its intervention, nor is there room for banks that are generous with the territory that then leave disasters in their accounts. Banca IFIS believes that the banker's job is to maintain a balance between action against the community and the economy within which the bank operates and action against all the stakeholders involved therefore ensuring profitability; Bossi recalled that the Bank has so far succeeded and for this reason expressed his satisfaction.

With regard to the year 2018, from the point of view of credit-impaired assets, the Bank is working hard to improve its ability to successfully intervene with its debtors under the terms described above. It is transforming credit-impaired assets into performing loans over time and is therefore accumulating increasing layers of portfolios that debtors undertake to repay in instalments.

This, underlined Bossi, is the goal and the corporate structures are pursuing it with great determination whilst continuously increasing the tools at their disposal, with the aim of reaching these debtors whilst also assisting debtors to meet their commitments and then to be able to access the credit from which they are excluded. The goal is therefore to make profit, but at the same time to return as many people as possible "on this side of the red line" that separates those who are active in financial communities and those who are not. During the discussion, at 9.45 the following Shareholders joined the meeting:

  • Pandolfo Fabrizio (no. 3,242 shares)

  • Generali Smart Funds Sicav (no. 14,607 shares) represented

by Sergio Zambon of Assicurazioni Generali.

The President then called the Shareholder Raffaele Rizzardi to speak, who had requested to do so pursuant to article 9 of the Shareholders' Meeting Regulations.

The Shareholder Raffaele Rizzardi spoke and preliminarily pointed out how, seeing these financial statement numbers, reminded him of a Shareholders' Meeting of Credito Bergamasco held forty years previously. The CEO was Tancredi Bianchi and at some point a woman complained about the title. Tancredi Bianchi replied: "I am a Catholic and in the Gospel it is written <>". In the 2017 financial statements of Banca IFIS, noted the Shareholder Rizzardi, the fruits of success are evident and are undoubtedly positive. Among other aspects, in the opinion of Rizzardi, reading the balance sheet, confirmation is found of the correctness of a response that the Chief Executive Officer gave him during last year's Shareholders' Meeting regarding the risk of having to pay a further amount for the acquisition of Interbanca. Giovanni Bossi essentially replied: "No. Perhaps we are running the risk of collecting". In fact, the Shareholder Rizzardi underlined, the adjustments established with the seller in July 2017 have brought down the cost incurred for the acquisition by approximately 10 million Euro. The Shareholder then made a number of additional comments on the acquisition of the former GE Capital Interbanca Group, underlining how Banca IFIS does not run similar risks to those that Intesa Sanpaolo is running with the Shareholders of the popular banks of Veneto. He also recalled the different management of cases relating to companies in crisis, similar to that of the Parmalat group, whose outcome was the transfer of a very significant value, almost as a gift, to French operators. The Shareholder Raffaele Rizzardi then referred to what had been previously stressed by the CEO in terms of the Bank's focus on families in the collection of credit-impaired assets and his exchange with Fiorentini on the alleged comparison to "vultures" of the NPL operators during the Shareholders' Meeting held on 22 March 2016. During the event Giovanni Bossi essentially replied that there was nothing vulture-like about him. Reference was also made to the "Veneto context", in which the General Management of Banca IFIS operates, characterised by the matter of the popular banks, which - in addition to having damaged savers - will greatly damage employees due to significant pre-existing overlaps between the structures of the buyer Intesa Sanpaolo and those of the acquired companies. In this regard, the Shareholder then asked how the repercussions on employees of the Interbanca acquisition were being managed.

The CEO responded by underlining the value produced by the acquisition of the former GE Capital Interbanca Group and the satisfaction deriving from the positive outcome of this operation. On the occasion of last year's Shareholders' Meeting, recalled Giovanni Bossi, we were in a phase of integration and we were not in possession of all the elements to understand if such integration was likely to succeed totally or partially and to what extent. In addition we were still discussing with the partner regarding the exact definition of the price. Today we can state that the integration of Interbanca from a formal point of view is being completed in full with the activities aimed at incorporating IFIS Leasing into Banca IFIS. IFIS Factoring has been incorporated into Banca IFIS with effect pursuant to article 2504 b of the Italian Civil Code since 1 August 2017 and Interbanca with effect since 23 October 2017. The integration of IFIS Rental Services is not currently envisaged as it carries out activities that are not strictly financial.

Regarding the employees, the CEO emphasised the simplicity and limited impact of the integration of the factoring component and the many and varied skills found in the merged Interbanca S.p.A. as well as the prospects for full and efficient use of all the available forces for implementation of the numerous initiatives under way to pursue the ambitious growth objectives of the Banca IFIS Group. The acquisition of the former GE Capital Interbanca Group, recalled Giovanni Bossi, took place resulting in very advantageous figures and so part of the reasoning was to try and protect as far as possible all the human resources involved. What we have done and are continuing to do in the case of unequal workloads, given that the Bank is growing in terms of employees (currently more than 1500 at Group level), is to take people who do not have a work load consistent with what is anticipated and to move them to other operational and non-geographical areas, occupying their space of availability with the high work load that today a Bank like ours requires.

So the answer is protection, because we did not think it would be appropriate to join the list of those who leave people on the street when in reality the Bank's operational needs are still experiencing strong growth.

The President then thanked the Shareholders for their speeches and the CEO for his replies and comments.

Noting that no-one else had requested to speak, the President considered the information provided regarding the financial statement and corporate management appropriate and declared the discussion closed.

The President then declared voting on the first agenda item to be open.

The President once again invited the Shareholders to disclose any absence of legitimacy to vote as per current regulations as referred to earlier.

  • At 10.03 (ten zero three a.m.) the Shareholders listed in the document attached to this report at letter "B-b" were present, meaning that 42,270,596 (forty-two million two hundred and seventy thousand five hundred and ninety-six) ordinary shares with voting rights are represented at the General Shareholders' Meeting out of a total number of 53,811,095 (fifty-three million eight hundred and eleven thousand and ninety five) ordinary shares that make up the share capital, equal to 78.554% (seventy-eight point five five four per cent) of the share capital.

  • having noted the Board of Directors' report on item 1) of the agenda;

The Shareholders' Meeting

  • having noted the report on the financial statement and on the consolidated financial statement prepared by the Board of Statutory Auditors and on the supervisory activities carried out by those Auditors;

  • having noted the reports on the financial statement and on the consolidated financial statement drawn up by the Auditing Company;

RESOLVES

A) TO APPROVE the annual financial statement for the period ending 31st December 2017, with the management report presented by the Board of Directors;

B) TO ALLOCATE the net profit for the period equal to €154,906,079.06 (one hundred and fifty-four million, nine hundred and six thousand and seventy-nine point zero six Euro) as follows:

a) a cash dividend to Shareholders (gross of taxes) of €1.00 (one point zero zero Euro) for each ordinary share with ex-dividend coupon date of (no. 21) 23rd April 2018. This dividend includes the portion attributable to the treasury shares held by the Company. As per Article 83-m of Legislative Decree no. 58/1998, legitimation of the dividend payment is determined with reference to the evidence of the intermediary's accounts referred to in Article 83-d, paragraph 3 of Legislative Decree no. 58/1998, at the end of the accounting day of 24th April 2018 (the so-called record date);

b) to other reserves as for the remaining amount;

c) TO CONSTITUTE an equity reserve, not available until the financial statements to 31/12/2021 has been approved, for €633,404,000.00 (six hundred and thirty-three million four hundred and four thousand point zero zero Euro), equal to the gain on bargain purchase emerging from the acquisition of the former GE Capital Interbanca Group, as per data to 31/12/2016 restated in the Consolidated Financial Statements to 31/12/2017;

d) to PAY the above dividend from 25th April 2018. Payment will be made through the authorised intermediaries with whom the shares are registered in the Monte Titoli system; with the following result revealed by a show of hands: - votes in favour: 42,258,515 (forty-two million two hundred and fifty-eight thousand five hundred and fifteen); - votes against: none;

  • abstentions: 12,081 (twelve thousand and eighty-one);
  • non-voting: none.

The names of Shareholders who voted in favour, of the Shareholders who voted against and Shareholders who abstained and the related number of shares are shown in the document attached to these minutes at letter "C".

Addressing the second agenda item "Remuneration Policies for Officers, Employees and Collaborators of Banca IFIS banking Group: Remuneration Report", the President presented the document "Remuneration Report" approved by "BANCA IFIS S.p.A."'s Board of Directors at its meeting of 6th March 2018. This report has been made available to the public at the Company's registered office, "Borsa Italiana S.p.A." and the authorised storage facility and on the Company's website since 6th March 2018 together with the "Corporate Governance and Ownership Structure Report".

The President reported that with this remuneration report the Board of Directors had intended to comply with the provisions of Article 123-c of the Italian Consolidated Finance Law, with the banking sector protocol and with the self-regulation standards contained in the Corporate Governance Code for listed companies.

The Report contains additional information, in aggregate form, on individuals known as "Risk-takers" not covered by the article of the Italian Consolidated Finance Law.

With regard to the regulatory framework, the President recalled: a) with reference to primary and secondary regulations applicable to listed companies: - Article 123-c of the Italian Consolidated Finance Law containing the provision requiring companies to make a Remuneration Report available to the public at least twentyone days prior to the date of the Ordinary Shareholders' Meeting to approve the annual financial statement; - Article 84-d of the Issuers' Regulations containing the requirement to make the Remuneration Report available to the public, drawn up in compliance with the "Figure 7-b" of Annex 3A of the Issuers' Regulations; b) with reference to the secondary regulations applicable to Banks and Banking Groups: - Circular no. 285 of 17 December 2013 – "Supervisory Provisions for Banks" (amendment n. 7 of 20 November 2014) that, by implementing the provisions of directive 2013/36/EU (CRD IV) relating to the prudential supervision of credit institutions and investment companies, has updated the regulations for the remuneration policies and practices and incentive schemes of banks and [banking] groups; c) with reference to self-regulation rules of listed companies: - the "Format for the Corporate Governance and Ownership Structure Report" of listed companies made available by "Borsa Italiana S.p.A." in January 2018; - the Corporate Governance Code approved by the Corporate Governance Committee. The President pointed out that: - the Remuneration Committee, in the course of its preliminary work on this subject, has read the text of the Remuneration Report approved by the Board of Directors; - the Remuneration Committee is represented at this meeting by its President, FRANCESCA MADERNA, and by the Committee member, RICCARDO PREVE and DANIELE SANTOSUOSSO. The President, assisted by the CEO, then went on to outline the contents of the Remuneration Report, a copy of which is attached to these minutes at letter "D". Briefly, the Remuneration Report consists of: Section I, aimed at illustrating the company's remuneration policy for members of its management bodies, general managers and executives with strategic responsibilities, as well as for the "Risk Takers" not falling within the scope of Article 123-c of the Italian Consolidated Finance Law, and the procedures used to adopt and implement this policy. This section describes the policy provided for the financial year 2018. The Ordinary Shareholders' Meeting is called to decide for or against Section I of the Report;

Section II, organised in two parts; the first aimed at showing each remuneration entry for the members of the management and control bodies, the general managers and, in aggregated form, with regard to executives with strategic responsibilities, as well as the "Risk Takers". The second part shows a table of the remuneration paid during the financial year 2017 or relating to it, for whatever reason and in whatever form by the Company and subsidiaries or affiliates, as indicated by Appendix 3A, Figure 7 b of the Issuer Regulations. A table is then included that shows the further information required under Article 450 of Regulation (EU) no. 575 of June 26, 2013 for Banca IFIS and other Group companies.

The main changes contained in the "Remuneration Report" are aimed at better aligning Remuneration and Incentive Policies with the objectives of: compatibility with levels of capital and liquidity, financial stability, medium to long-term direction and compliance with the relevant regulations in force.

The access conditions for the variable component (gate) that apply to all staff were updated and integrated taking into account the indicators of profitability, liquidity and capital adequacy. In particular:

  • access to the variable component (gate) for all staff is subject to a Group consolidated result, gross of taxes for the financial year, greater than 80 million Euro, a rise of 20 million Euro on the gate figure of 60 million Euro established in 2017;
  • the formulae for calculating the variable component for the Chief Executive Officer and General Manager are consequently amended, increasing the portion of noncalculable net profit before taxes and excluding any elements resulting from extraordinary transactions from the calculation;
  • the Group Liquidity Coverage Ratio (LCR) indicator is no longer calculated as the average of the last twelve month-ends of the reference year, but instead is identified quarterly to check if it exceeds regulatory threshold for all four quarterly valuations;

  • the Net Stable Funding Ratio (NSFR) parameter introduced by Basel 3 has been added, aimed at guaranteeing a balance between assets and liabilities in the financial statements over the year, which will be promptly identified every quarter to check if it exceeds the regulatory threshold.

  • The following were confirmed for the financial year 2018:
  • a) the structure of variable component for key personnel exceeding the materiality threshold, also maintaining the choice not to provide for the payment of a substantial variable component. This is considered a variable remuneration that exceeds the fixed salary which, due to the limits laid down ex-ante by the parent company, can never occur;
  • b) the vesting period (three years) for the deferred variable component;
  • c) the retention period (three years) for the up-front part to be paid in shares and (one year) for the deferred part payable in in shares;
  • d) the relationships between the variable and fixed components of remuneration for key personnel, including the limit of 33% for key personnel with business control functions.

The possibility of recognising a Long Term Incentive for business units with more than €20 million in gross budget profit during 2018 and of attributing, for a maximum period of 18 months, a Role Based Allowance for some personnel members has been maintained, in consideration of particularly complex extraordinary corporate transactions. This allowance is a predefined sum, not tied to performance, which may be proposed by the Chief Executive Officer for approval by the Board of Directors, following favourable opinion of the Remuneration Committee, then communicated to the parties concerned by individual letter.

As for 2017, the methods of assessing performance were specified for key personnel with corporate control functions, making it clear that any variable components may be proposed to the Board of Directors by the Remuneration Committee, following consultation with the Chief Executive Officer and the General Manager.

Finally, the Report in question indicates, pursuant to article 84-d of the Issuers' Regulations, the investments held by the members of the Board of Directors and the Board of Statutory Auditors, by the General Manager and by the other executives with strategic responsibilities.

The proposals contained in Section I of the Report also involve, pursuant to Article 114 b of the Italian Consolidated Finance Law and its implementing rules (Article 84 b of the Issuers' Regulations), the need to make an information document available to the public, prior to the deadline for publication of the notice of convening of today's Shareholders' Meeting, i.e. 19th March 2018, at the Company's registered office, "Borsa Italiana S.p.A." and at the authorised storage facility and on the Company's website, regarding the resulting remuneration plan based on the allocation of Banca IFIS shares to certain corporate figures. The President then presented the results of the inspection by the Internal Audit Department which show how the remuneration practices comply with regulatory requirements (inspection report also presented to the Board on 23rd March 2018), as required by Circular no. 285 of 17th December 2013. The President declared the debate open.

Noting that no one had requested to speak, the President considered the information provided to be appropriate and declared the discussion closed.

The President then declared voting on the second agenda item to be open.

The President once again invited the Shareholders to disclose any absence of legitimacy to vote as per current regulations as referred to earlier.

  • At 10.17 (ten seventeen a.m.) the Shareholders listed in the document attached to this report at letter "B" were present, meaning that 42,270,596 (forty-two million two hundred and seven thousand five hundred and ninety-six) ordinary shares with voting rights are represented at the General Shareholders' Meeting out of a total number of 53,811,095 (fifty-three million eight hundred and eleven thousand and ninety five) ordinary shares that make up the share capital, equal to 78.554% (seventy-eight point five five four per cent) of the share capital.

The Shareholders' Meeting

  • having noted the Board of Directors' report on item 2) of the agenda;

  • having acknowledged the report on the implementation of remuneration policies during the financial year 2017, as per article 10 of the Articles of Association and applicable law, within the framework of the document "Remuneration Report" drawn up as per Article 123 c of the Italian Consolidated Finance Law;

  • having acknowledged the outcome of the checks carried out by

the Internal Audit Department on the methods used to ensure the remuneration practices comply with regulatory requirements.

RESOLVES

A) TO APPROVE the contents of Section I of the document, "Remuneration Report", drawn up as per Article 123 c of the Italian Consolidated Finance Law; also, to ensure that Banca IFIS banking Group's remuneration policies for 2018 comply with the same Article, this document is attached to these minutes at letter "D";

B) TO APPROVE the remuneration plan based on the allocation of Banca IFIS shares to certain corporate figures, described in the briefing document prepared as per Article 114-b of the Italian Consolidated Finance Law and its implementing rules (Article 84 b of the Issuers' Regulations) and made available to Shareholders as required by law;

with the following result revealed by a show of hands: - votes in favour: 36,143,780 (thirty-six million one hundred and forty-three thousand seven hundred and eighty);

  • votes against: 6.126.816 (six million one hundred and twenty-six thousand eight hundred and sixteen);

  • abstentions: none;

  • non-voting: none.

The names of Shareholders who voted in favour, of the Shareholders who voted against and Shareholders who abstained and the related number of shares are shown in the document attached to these minutes at letter "E".

Taking into consideration the third item on the agenda "Assigning external auditors: fees amendment", the President submits the motivated proposal of the Board of Statutory Auditors for examination (made available in the Report of the directors to the Shareholders and attached to these minutes under the letter "F") regarding the integration of the times and the amount to be paid to the auditing company EY S.p.A. in charge of the statutory audit of the accounts for the years 2014-2022, as reported in the proposal of EY S.p.A. of 1st December 2017.

The need to integrate the auditing firm's work program arises following the merger by incorporation of Interbanca S.p.A. and IFIS Factoring S.r.l. carried out in 2017 in Banca IFIS S.p.A. Specifically, Banca IFIS S.p.A., as part of the Group's corporate organisational streamlining project, proceeded in 2017 with the merger by incorporation of the two subsidiaries; the accounting and tax effects of these transactions elapsed for both mergers on two dates referring to the second half of 2017. It is also noted that the companies involved in the merger transactions had assigned the task of statutory audit to EY S.p.A.

The proposal of the auditing firm of 1st December 2017 therefore contains the additional activities that will be necessary as part of the audit assignment conferred to EY S.p.A. for the period 2017-2022.

The President then permitted the Chairman of the Board of Statutory Auditors, Giacomo Bugna, to speak who, in referring to the full text of the reasoned proposal of the Board of Statutory Auditors on the integration of the timescales and fees to the auditing company EY S.p.A. (made available to members and attached to these minutes under the letter "F"), briefly summarises its contents.

At the end, the President thanked Giovanni Bugna for his speech and declared the debate open.

The President then called the Shareholder Raffaele Rizzardi to speak who had requested to do so pursuant to article 9 of the Shareholders' Meeting Regulations.

The Shareholder Raffaele Rizzardi took the floor to observe that the mergers by incorporation carried out in 2017 should result in savings in consolidated terms and to request information on their amount.

At the President's request, the Chairman of the Board of Statutory Auditors, Giacomo Bugna, confirmed the savings and summarised the analysis carried out in this regard by the Board of Statutory Auditors, that established how IFIS Factoring S.r.l. and Interbanca S.p.A. incurred auditing costs totalling €127,000 while Banca IFIS S.p.A. incurred incremental charges of approximately €52,000, with a consolidated saving of over €70,000.

The President then thanked the Shareholder Rizzardi for his speech and the Chairman of the Board of Statutory Auditors for the clarification.

Noting that no-one else had requested to speak, the President considered the information provided appropriate and declared the discussion closed.

The President then declared voting on the third agenda to be open.

The President once again invited the Shareholders to disclose any absence of legitimacy to vote as per current regulations as referred to earlier.

At 10.25 (ten twenty-five a.m.), the Shareholders listed in the document attached to this report at letter "B-b" were present, meaning that 42.270.596 (forty-two million two hundred and seventy thousand five hundred and ninety-six) ordinary shares with voting rights are represented at the General Shareholders' Meeting out of a total number of 53.811.095 (fifty-three million eight hundred and eleven thousand and ninety-five) ordinary shares that make up the share capital, equal to 78.554% (seventy-eight point five five four per cent) of the share capital.

"Banca IFIS S.p.A.'s Shareholders' Meeting

  • − having noted Article 13 of Italian Legislative Decree no. 39 of 27th January 2010 (Implementation of Directive 2006/43/EC on external audit of annual accounts and consolidated accounts);
  • − having noted the resolution passed by the Shareholders' Meeting on 17th April 2014;
  • − having noted the content of the mandate assigned to the external auditors regarding the possibility of reviewing the fees to take into account any special circumstances likely to change the forecasted timescales;
  • − having noted the completed incorporation into Banca IFIS S.p.A. of the ex subsidiary companies, Interbanca S.p.A. and IFIS Factoring S.r.l., during 2017 and that, in relation to this, the external auditor, EY S.p.A., assigned as external auditor for 2014-2022, has, on 1st December 2017, requested that the timescales and related fees be amended for additional audit activities compared with the services included in the proposal approved by Banca IFIS S.p.A.'s Shareholders' Meeting on 17th April 2014;
  • − having examined this Board of Statutory Auditor's reasoned proposal containing the terms of the above external auditor's proposal and formulated based on the positive assessment carried out by Banca IFIS S.p.A.'s competent corporate structures, it is believed that:

(i) the positive assessment on EY S.p.A.'s technical suitability is confirmed regarding the adequacy of its organisation and its knowledge of the Company and the Group to which it belongs, as well as its knowledge of the Company and Group's specific activities and their accounting and internal control systems;

(ii) the activities reported by EY S.p.A., with the amendment request, are inherent in performing the audit activities it has been assigned and suitable with regard to the additional audit activities deriving from merger operations involving Banca IFIS during the 2017

financial year;

(iii) in formulating the fee amendment request, EY S.p.A. has provided suitable valuation elements regarding, in particular, the economic conditions set out in the same request, that appear to be consistent and coherent with the required professional commitment to be able to carry out the assigned task as well as substantially aligned with existing conditions;

RESOLVES

A) to amend the fees agreed in relation to external audit activities already assigned to EY S.p.A. within the timescales specified in the amendment request formulated by the above external auditor. The resulting fees for the years 2017-2022 are

quantified as follows:

1) for 2017

• for auditing the financial statement – €104,000

• for auditing the consolidated financial statement – €10,000

  • for signing tax declarations €6,000
  • the original fees for the quarterly checks pursuant to Article 14, paragraph 1, letter b) of Decree 39/2010 remain unchanged at €22,242, and for the limited audit of the half-yearly report at €28,814;

2) for 2018–2022

  • for auditing the financial statement 104,000
  • for auditing the consolidated financial statement – €10,000
  • for the quarterly checks pursuant to Article 14, paragraph 1, letter b) of the Decree – €30,000
  • for the limited audit of the half-yearly report – €40,000
  • for signing tax declarations €6,000;

3) in addition to increases in ISTAT [inflation figures], VAT, out-of-pocket expenses and supervisory fees required by Consob, under the terms and conditions agreed for the existing assignment, without prejudice to the latter's conditions;

B) to confer upon the President of the Board of Directors and the Chief Executive Officer – including severally – the broadest powers to carry out this resolution."

with the following result revealed by a show of hands: - votes in favour: 42,269,344 (forty-two million two hundred and sixty-nine thousand three hundred and forty-four); - votes against: 1,252 (one thousand two hundred and fiftytwo); - abstentions: 0 (none); - non-voting: 0 (none). The names of Shareholders who voted in favour, the Shareholders who voted against, the Shareholders who abstained and the related number of shares are shown in the document attached to these minutes under the letter "G". With there being no other matters to decide on and no-one asking to speak, the President declared discussion of the agenda completed, thanked the Shareholders for their participation and declared the Shareholders' Meeting closed at 10.30 (ten thirty a.m.)

The President exempted the Secretary from reading the attachments.

The President The Secretary Sebastien Egon Fürstenberg Vincenzo Schiazzano

APPENDIX A LIST OF ADMISSION CREDENTIALS ISSUED

SHAREHOLDER ADMISSION CREDENTIALS
1 LA SCOGLIERA S.P.A. ISSUED
27.016.847
2 ALBIZZATI TIZIANO VINCENZO 1.600
3 ALCHIMIA SPA 1.076.247
4 BOALO' PIETRO AMERIGO 8.500
5 BOSSI GIOVANNI 1.838.646
6 BOVE KATRIN 2
7 BRAGHERO CARLO MARIA 16
8 CARADONNA GIANFRANCO MARIA 1
9 CARADONNA MARCELLA 1
10 CARRARO ERMANNO 260
11 CASELLI LAURA 7.695
12 CHIESA DANIELA 1.600
13 CONTE PASQUALE IGNAZIO FRANCO 140
14 FAVALLI ARRIGO 900
15 FIORENTINI GIANLUCA 20
16 LAUDI GIULIANO 5
17 LOIZZI GERMANA 2
18 MADERNA FRANCESCA 1.070.422
19 MAFFEI FACCIOLI CARLO FRANCESCO JACOPO 39.000
20 MIOTTI FRANCO 300
21 NEGRI NILO 500
22 PANDOLFO FABRIZIO 3.242
23 PORTALUPPI ANNAMARIA CRISTINA 7.500
24 PREVE COSTRUZIONI SPA 1.152.500
25 PREVE RICCARDO 94.000
26 REALE DAVIDE GIORGIO 2
27 RIZZARDI RAFFAELE 1.000
28 RODINO` DEMETRIO 2
29 RODINO` WALTER 1
30 SIMONE GIAN LUIGI 5
31 STACCIONE ALBERTO 140.000
32
33
VIZZINI GIUSEPPINA
1199 SEIU HEALTH CARE EMPLOYEES PENSION FUND
250
1.252
34 70030 PD GLOBALE AKTIER VII 27.192
35 ACCIDENT COMPENSATION CORPORATION 9.186
36 AGI PV WS RCM IND 8490 07 5210 SPK 8.285
37 ALASKA PERMANENT FUND CORPORATION 4.644
38 ALKEN FUND 912.706
39 ALLIANZ GI FONDS QUONIAM SMC 27.373
40 ALLIANZGI FONDS GANO 2 2.401
41 ALLIANZGI FONDS PF2 10.234
42 ALLIANZGI FONDS PTV2 9.426
43 ALLIANZGI-FONDS DSPT 690
44 AMERICAN HONDA MASTER RETIREMENT TRUST 12.847
45 AMUNDI ACTIONS PME ESR 246.312
46 AMUNDI ETF FTSE ITALIA PIR UCITS ETF DR 5.287
47 AMUNDI FUNDS SICAV 234.448
48 AQR INTERNATIONAL SMALL CAP EQUITY FUND, L.P. 8.900
49 ARROWSTREET (CANADA) GLOBAL ALL-COUNTRY ALPHA EXTENSIONE FUND I 9.749
50 ARROWSTREET (CANADA) GLOBAL ALL-COUNTRY FUND I 22.339
51 ARROWSTREET (CANADA) INTL DEVELOPED MARKET EX US FUND I 2.799
52 ARROWSTREET ACWI ALPHA EXTENSION FUND III CAYMAN LIMITED 4.918
53 ARROWSTREET CAPITAL GLOBAL ALL COUNTRY ALPHA EXTENSION FUND 3.396
54 ARROWSTREET CAPITAL GLOBAL EQUITY - ALPHA AXTENSION FUND LIMITED 17.499
55 ARROWSTREET EAFE ALPHA EXTENSION FUND II 19.055
56 ARROSTREET INTERNATIONAL EQUITY ACWI EX US TRUST FUND 11.429
57 ARROSTREET MULTY STRATEGY UMBRELLA PLC 18.004
58 ARROWSTREET WORLD SMALL CAP EQUITY ALPHA EXSTENTION FUND (CAYMAN) LIMITE 14.310
59 ATLAS QUANTITATIVE TRADING FUND LTD 270
60 BANK OF AMERICAOMNIBUS 349
61 BGI MSCI EAFE SMALL CAP EQUITY INDEX FUND B 2.544
62 BLACKROCK AM SCH AG OBO BIFS WORLD EX SW SMALL CAP EQ INDEX F 126
63 BLACKROCK INST TRUST CO NA INV FUNDSFOR EMPLOYEE BENEFIT TR 13.003
64 BLACKROCK INSTITUTIONAL TRUST COMPANY N.A. INVESTMENT FUNDS FOR EMPLOYEE BENEFIT TR 19.730
65 BNY MELLON EMPLOYEE BENEFIT COLLECTIVE INVESTMENT FUND PLAN 889
66 BNYMTD CF MITON EUROPEAN OPPS FUND 138.712
67 BOSTON PATRIOT CONGRESS ST LLC C/O PANAGORA ASSET MANAGEMENT, INC. 648
68 CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM 45.090
69 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 16.096
70
71
CARPIMKO PM CAPI H
CASEY FP HOSKING GLOBAL
19.000
7.635
72 CATERPILLAR INVESTMENT TRUST 10.357
73 CBOSC ATF CBGS-WGSS02 NEW 19.811
74 CCL&L Q GROUP GLOBAL EQUITY FUND 100
75 CE8F WILLIAM BLAIR ISCE 47.996
76
CENTURYLINK INC. DEFINED BENEFIT MASTER TRUST
8.180
77
CENTURYLINK INC. DEFINED CONTRIBUTION PLAN MASTER TRUST
6.509
78
CF DV ACWI EX-U.S. IMI FUND
83
79
CFP BEST SUST EUR FUND
8.219
80
CH0526 - UBS (CH) INSTITUTIONAL FUND - EQUITIES GLOBAL SMALL CAP PASSIVE II
1.140
81
CITY OF LOS ANGELES FIRE AND POLICE PENSION PLAN
3.366
82
CITY OF NEW YORK DEFERRED COMPENSATION PLAN
31.772
83
CITY OF NEW YORK GROUP TRUST
22.008
84
COLLEGE RETIREMENT EQUITIES FUND
126.850
85
CONNECTICUT GENERAL LIFE INSURANCE COMPANY
65
86
COPPER ROCK INTERNATIONAL SMALL CAP FUND
196.013
87
COUNSEL GLOBAL SMALL CAP
32.659
88
CPA COP PSERS WASATCH ADVISORS
57.255
89
CTJ RE STANLIB GLOBAL EQ HOSKING
27.395
90
CTJ RE STANLIB GLOBAL EQUITY FD AB
1.900
91
D.E. SHAW ASYMPTOTE INTERNATIONL LTD
6
92
DELTA MASTER TRUST
48.786
DELTA PILOTS DISABILITY AND SURVIVORSHIP
93
5.018
94
DEUTSCHE X-TRACKERS MSCI EMU HEDGED EQUITY ETF
154
95
DIGNITY HEALTH
5.561
96
DOMINION RESOURCES INC. MASTER TRUST
2.473
97
FCP ASTORG CROISSANCE MID CAP
8.562
98
FCP GROUPAMA AVENIR EURO
789.968
99
FCP HSBC TECHNOLOGIE
41.693
100 FIDELITY SAL ST T SPARTAN TOTAL INT IN F 642
101 FIRST TRUST DEV MARK EX US SMALL CAP ALP 887
102 FLEXSHARES MORNINGSTAR DEVELOPED MARKETS EX-US FACTOR TILT INDEX FUND 1.617
103 FLORIDA RETIREMENT SYSTEM . 142.802
104 GENERALI SMART FUNDS SICAV 14.607
105 GIANO CAPITAL LIMITED 4.110
106 GOVERNMENT INSTITUTIONS PENSION FUND
107 GOVERNMENT OF NORWAY
965
909.463
108 GOVERNMENT SUPERANNUATION FUND
109 GTTA PANTHER FUND LP
12.994
159
110 HARTFORD MULTIFACTOR GLOBAL SMALL CAP ETF 242
111 HOSKING GLOBAL FUND PLC 252.190
112 HOSKING PARTNERS COLLECTIVE INVESTMENT TRUST 40.264
113 HOSKING PARTNERS EQUITY FUND LLC 19.836
114 HOSKING PARTNERS GLOBAL EQUITY TRUST 7.978
115 HOSTPLUS POOLED SUPERANNUATION TRUST 45.278
116 HSBC GLOBAL INVESTMENT FUNDS 140.000
117 IBM 401K PLUS PLAN 15.840
118 ILLINOIS MUNICIPAL RETIREMENT FUND 67.949
119 ILLINOIS STATE BOARD OF INVESTMENT 4.207
120 INDIANA PUBLIC RETIREMENT SYSTEM 760
121 INTERNATIONAL MONETARY FUND 713
122 ISHARES ALLCOUNTRY EQUITY INDEX FUND 107
123 ISHARES CORE MSCI EAFE ETF 83.975
124 ISHARES CORE MSCI EAFE IMI INDEX ETF 1.358
125 ISHARES III PUBBLIC LIMITED COMPANY 1.226
126 ISHARES MSCI EAFE SMALL CAP ETF 99.310
127 ISHARES MSCI EUROPE IMI INDEX ETF 562
128 ISHARES MSCI EUROPE SMALL-CAP ETF 3.707
129 ISHARES VII PLC
130 ISLAND CAPITAL INVESTMENTS II, LLC 22.412
2.546
131 JANUS HENDERSON HORIZON FUND 215.099
132 JOHCM INTERNATIONAL SMALL CAP EQUITY FUND 79.897
133 KAISER FOUNDATION HOSPITALS 2.771
134 KAISER PERMANENTE GROUP TRUST 12.258
135 KP INTERNATIONAL EQUITY FUND 1.181
136 LABORERS' AND RET BOARD EMPL ANNUITY & BENEFIT F OF CHICAGO 14.375
137 LEGAL & GENERAL ICAV 200
138 LEGAL AND GENERAL ASSURANCE PENSIONS MANAGEMENT LIMITED 3.366
139 LEGAL AND GENERAL COLLECTIVE INVESTMENT TRUST 490
140 LMIF LMGAMI EURO SMLL CP 6.026
141 LOS ANGELES CITY EMPLOYEES RETIREMENT SYSTEM 12.198
142 M+G INVESTMENT FUNDS (7)- M+G EUROPEAN SELECT FUND 58.825
143 M+G INVESTMENT FUNDS (7)- M+G PAN EUROPEAN DIVIDEND FUND 62.564
144 MAINSTAY INTERNATIONAL EQUITY FUND 118.222
145 MAINSTAY VP INTERNATIONAL EQUITY PORTFOLIO 173.102
146 MAP 192 SEGREGATED PORTFOLIO, A SEG PORT OF LMA SPC MGD BY PANAGORA ASST MGMNT INC PM ACT 7.632
147 MARRIOTT INT, INC. POOLED INV TR FOR PARTICIPANT DIRECTED ACC 6.764
148 MARYLAND STATE RETIREMENT & PENSION SYSTEM 1.578
149 MERCER QIF CCF 45.367
150 METZLER INTERNATIONAL INV. PLC 105.362
151 MI FONDS K10 SPK 11.674
152 MM SELECT EQUITY ASSET FUND 230
153 MSCI EAFE SMALL CAP PROV INDEX SEC COMMON TR F 7.130
154 MUF LYXOR FTSE ITALIA MID CAP 37.289
155 MUL - LYXOR ITALIA EQUITY PIR 2.967
156 MUNICIPAL EMPLOYEES' ANNUITY AND BENEFIT FUND OF CHICAGO 43.217
157 NATIONAL COUNCIL FOR SOCIAL SECURITY FUND, P.R.C
158 NATIONAL RAILROAD RETIREMENT INVESTMENT TRUST
1.999
12.512
160 NATWEST DEP CF ODEY ABSOLUTE RTN 52.996
161 NEBRASKA PUBLIC EMPLOYEES RETIREMENT SYSTEM 17.954
162 NEW MEXICO STATE INVESTMENT COUNCIL 1.200
163 NEW YORK LIFE INSURANCE 316
164 NEW YORK LIFE INSURANCE & ANNUITY CORPOR 3.742
165 NEW YORK LIFE INSURANCE COMPANY 232.040
166 NEW YORK STATE COMMON RETIREMENT FUND 6.381
167 NEW ZEALAND SUPERANNUATION FUND 22
168 NKB 10513 GLOBAL DIVERSIFIED 13.556
169 NORTHERN TRUST GLOBAL INVESTMENTS COLLECTIVE FUNDS TRUST 17.551
170 NTGI-QM COMMON DAILY ALL COUNWD EX-US INV MKT INDEX F NONLEND 657
171 ODEY EUROPEAN INC 28.000
172 ODEY INVESTMENTS PLC 48.567
173 OEY MAC INC 21.000
174 OLD NORTH STATE HEDGED EQUITY MEN LLC 1.615
175 ONEPATH GLOBAL SHARES - SMALL CAP (UNHEDGED) INDEXPOOL 1.186
176 OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM 5.812
177 OWENS CORNING DEFINED BENEFIT MAS TR 3.085
178 PANAGORA ASSET MANAGEMENT INC 177
179 PENSION PLAN FOR THE EMPLOYEES OF CONCORDIA UNIVERSITY 2.676
180 PENSION RESERVES INVESTMENT TRUST FUND 8.702
181 PHC NT SMALL CAP 1.719
182 PINE ISLAND III, LLC 12.309
183 PRODUCER-WRITERS GUILD OF AMERICA PENSION PLAN 378
184 PS FR DEVEL MARK EX US SMALL PORT 1.743
185 PS FTSERAFI EUSM UCITS ETF BNYMTCIL 272
186 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION OF NEW MEXICO 1.540
187 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 49.112
188 QANTAS SUPERNNAUTION LIMITED AS TRUSTEE FOR THE QANTAS SUPERNNUATION PLAN 15.781
189 RENAISSANCE GLOBAL SMALL-CAP FUND 2.666
190 RETAIL EMPLOYEES SUPERANNUATION TRUST 117.079
191 ROCHE U.S. RETIREMENT PLANS MASTER TRUST 11.378
192 ROWF GT ACWI EX US 50.245
193 RUSSELL INVESTMENT COMPANY IV PLC 3.271
194 RUSSELL INVESTMENT COMPANYMULTI ASSET GROWTH STRATEGY FUND 7.015
195 RW CIT EAFE 14.784
196 RYDER COURT INTERNATIONAL SMALL COMPANIES FUND (DST) 3.517
197 SACRAMENTO COUNTY EMPLOYEES RETIREMENT SYSTEM 21.615
198 SAN DIEGO CITY EMPLOYEES RETIREMENT SYSTEM 10.070
199 SBC MASTER PENSION TRUST SBC MASTER PENSION TRUST 208 19.411
200 SCHRODER ADVANCED BETA GLOBAL EQUITY SMA 20.027
201 SCHRODER INTERNATIONAL SELECTION FUND 126.683
202 SCHRODER PENSION MANAGEMENT LTD 5.819
203 SCHWAB INTERNATIONAL SMALL-CAP EQUITY ETF 18.766
204 SCS NAVIGATOR FUND 6.029
205 SEI GLOBAL MASTER FUND PLC 29.724
206 SEI LUPUS ALPHA PAN EUROPEAN 18.579
207 SHELL PENSIONS TRUST LIMITED AS TRUSTEE OF SHELL CONTRIBUTORY PENSION FUND 4.598
208 SHELL TRUST (BERMUDA) LIMITED AS TRUSTEE OF THE SHELL INTERNATIONAL PENSION FUND 456
209 SHELL TRUST (BERMUDA) LTD AS TRUSTEE OF THE SHELL OVERSEAS C.P. FUND 2.198
210 SOGECAP ACTIONS SMALL CAP 102.060
211 SONDERVERMOEGEN BKM 21.648
212 SONDERVERMOEGEN KMF 38.134
213 SPDR S&P WORLD (EX-US) ETF 24.639
214 SS BK AND TRUST COMPANY INV FUNDS FOR TAXEXEMPT RETIREMENT PL 39.834
215 SSGA SPDR ETFS EUROPE II PUBLIC LIMITED COMPANY 4.071
216 STATE OF ALASKA RETIREMENT AND BENEFITS PLANS 7.852
217 STATE OF NEW JERSEY COMMON PENSION FUND D 56.008
218 STICHTING PENSIOENFONDS VOOR HUISARTSEN 1.903
219 STICHTING PHILIPS PENSIOENFONDS 3.778
220 STICHTING SHELL PENSIOENFONDS 7.102
221 SUNSUPER SUPERANNUATION FUND 10.376
222 TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS 102.138
223 TEACHERS'S RETIREMENT SYSTEM OF OKLAHOMA 64.493
224 TEXAS MUNICIPAL RETIREMENT SYSTEM 61.792
225 THE ARROWSTREET COMMON CONTRACTUAL FUND 32.722
226 THE BOEING COMPANY EMPLOYEE RETIREMENT P 54.373
227 THE GBC INTL GROWTH FUND 35.333
228 THE METHODIST HOSPITAL 15.183
229 THE REGENTS OF THE UNIVERSITY OF CALIFORNIA 185
230 THE STATE OF CONNECTICUT ACTINGTHROUGH ITS TREASURER 83.356
231 THE TIFF KEYSTONE FUND, L.P. 1.278
232 THE TRUSTEES OF CATERPILLAR PENSION PLAN 9.471
233 THE WAWANESA MUTUAL INSURANCE COMPANY 3.238
234 TIAA-CREF INTERNATIONAL SMALL-CAP EQUITY FUND 28.000
235 TIFF INVESTMENT PROGRAM, INC - TIFF MULTI-ASSET FUND 13.780
236 TOUCHSTONE STRATEGIC TRUST-INT 54.971
237 UAW RETIREE MEDICAL BENEFITS TRUST 6.279
238 UBS (US) GROUP TRUST 717
239 UBS ETF 157
240 UBS FUND MGT (CH) AG CH0516/UBSCHIF2-EGSCPII 4.447
241 US STEEL CANADA INC MASTER TRUST 3.747
242 UTAH STATE RETIREMENT SYSTEMS
243 VANGUARD DEVEL ALL-CAP EX NORTH AMERICA EQT IND POOLED FUND
2.112
35
244 VANGUARD DEVELOPED MARKETS INDEX FUND 104.389
245 VANGUARD EUROPEAN STOCK INDEX FUND 45.830
246 VANGUARD FTSE ALL WORLD SMALL CAP IND FU 42.230
247 VANGUARD FTSE DEVELOPED ALL CAP EX NORTH AMERICA INDEX ETF 414
248 VANGUARD FTSE DEVELOPED EUROPE ALL CAP INDEX ETF 396
249 VANGUARD INTERNATIONAL SMALL COMPANIES I 2.036
250 VANGUARD INV FUNDS ICVC-VANGUARD FTSE GLOB ALL CAP IND FUND 40
251 VANGUARD INVESTMENT SERIES, PLC 5.422
252 VANGUARD TOTAL INTERNATIONAL STOCK INDEX 251.627
253 VANGUARD TOTAL WORLD STOCK INDEX FUND 6.213
254 VERDIPAPIRFONDET KLP AKSJEGLOBAL SMALL CAP INDEKS I 1.953
255 VFM SMALL COMPANIES TRUST 30.480
256 VFMC INTERNATIONAL EQUITY TRUST 1 17.252
257 VFMC INTERNATIONAL EQUITY TRUST 2 36.429
258 VIRGINIA RETIREMENT SYSTEM . 38.202
259 WASATCH GLOBAL OPPORTUNITIES FUND 16.916
260 WASATCH INTERNATIONAL GROWTH FUND 327.680
261 WASATCH INTL SMALL CAP GROWTH 11.605
262 WASHINGTON STATE INVESTMENT BOARD 7.625
263 WEST VIRGINIA INVESTMENT MANAGEMENT BOARD 6.285
264 WHEELS COMMON INVESTMENT FUND 660
265 WILLIAM BLAIR COLLECTIVE INVESTMENT TRUST 172.060
266 WILLIAM BLAIR INTERNATIONAL SMALL CAP GROWTH FUND 135.200
267 WISDOMTREE DYNAMIC CURRENCY HEDGED INTRNL SMALLCAP 762
268 WISDOMTREE EUROPE DIVIDEND GROWTH FUND 2.249
269 WISDOMTREE EUROPE HEDGED SMALLCAP EQUITY FUND 11.932
270 WISDOMTREE EUROPE LOCAL RECOVERY FUND 3.449
271 WISDOMTREE EUROPE SMALLCAP DIVIDEND FUND 119.537
272 WISDOMTREE INTERNATIONAL HEDGED DIVIDEND GROWTH FUND 14.317
273 WISDOMTREE INTERNATIONAL QUALITY DIVIDEND GROWTH FUND 564
274 WISDOMTREE INTERNATIONAL SMALLCAP DIVIDEND FUND 96.964
275 WISDOMTREE INTL QUALITY DIVIDEND GROWTH INDEX ETF 470
276 WISDOMTREE INTL QUALITY DVD GROWTH VARIABLY HEDGED INDEX ETF 286
277 WISDOMTREE ISSUER PUBLIC LIMITED COMPANY 2.354
278 WM POOL - EQUITIES TRUST NO. 72 21.633
279 WYOMING RETIREMENT SYSTEM 33.679
279 TOTAL SHAREHOLDERS' MEETING ADMISSION CREDENTIALS ISSUED 42.327.448
% of share capital 78,6593%

LIST OF PARTICIPANTS AT THE OPENING OF THE SHAREHOLDERS' MEETING

Share capital € 53.811.095,00

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KA
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12.2
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1.18
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14.3
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LEG
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200 200 0,00
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3.36
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LEG
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490 490 0,00
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The
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MG
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6.02
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LOS
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2.21
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LOS
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9.97
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62.5
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MA
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118
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MA
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173
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MAP
192
SEG
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7.63
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1.57
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45.3
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230 230 0,00
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7.13
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2.96
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42.5
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42.5
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MU
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676 676 0,00
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NA
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1.89
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NA
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10.6
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2.19
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52.9
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52.9
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17.9
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The
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NEW
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316 316 0,00
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3.74
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NEW
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2.17
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NEW
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897 897 0,00
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228
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6.38
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22 22 0,00
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NK
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13.5
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13.0
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255 255 0,00
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4.28
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4.28
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Law
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NTG
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657 657 0,00
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39.0
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39.0
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Law
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OD
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9.56
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ON
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1.18
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ORE
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2.49
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Law
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3.32
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3.08
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113 113 0,00
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Law
Silv
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PAN
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64 64 0,00
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2.67
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3.19
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5.51
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PHC
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1.71
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PIN
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12.3
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12.3
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378 378
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PS
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1.74
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PS
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W R
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BEN
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TS
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ST
1.79
0
1.79
0
0,00
33%
Law
Silv
ia P
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Trev
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1.27
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1.27
8
0,00
24%
Silv
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& a
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DIC
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UA
W R
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900 900 0,00
17%
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san
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717 717 0,00
13%
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iati
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UB
S ET
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157 157 0,00
03%
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1 L
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The
Law
Fir
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iati
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UB
S FU
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MG
T (C
H) A
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H05
16/U
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2-E
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4.44
7
4.44
7
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83%
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Law
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3.74
7
3.74
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2.11
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39%
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35 35 0,00
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VA
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104
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104
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The
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Law
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VA
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45.8
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45.8
30
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VA
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42.2
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42.2
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414 414 0,00
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396 396
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VA
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2.03
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40 40 0,00
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5.42
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VA
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251
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6.21
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6.21
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1.95
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san
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VFM
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30.4
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30.4
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0,05
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VFM
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17.2
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17.2
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VFM
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2
36.4
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36.4
29
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VIR
GIN
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38.2
02
38.2
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16.9
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16.9
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WA
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327
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1 L
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Per
Law
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WA
SAT
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11.6
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7.62
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WE
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6.28
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The
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Law
m T
& a
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san
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Pro
xy
WH
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N IN
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TME
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D
660 660 0,00
12%
1 L
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Per
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Law
Fir
m T
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& a
iati
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san
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Pro
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WIL
LIA
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EST
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111
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111
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0,20
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Silv
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Law
- T
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Trev
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Pro
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LIA
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WIL
M B
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INV
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60.4
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60.4
24
0,11
23%
1 L
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Per
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The
Law
Fir
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WIL
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TER
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135
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135
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12%
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Per
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Law
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iati
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Pro
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DO
MT
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NA
MIC
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RNL
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762 762 0,00
14%
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The
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Per
Law
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WIS
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2.24
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2.24
9
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42%
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Per
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The
Law
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WIS
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11.9
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11.9
32
0,02
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Per
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3.44
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3.44
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iati
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WIS
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119
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119
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0,22
21%
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Law
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WIS
DOM
ION
GED
GRO
TRE
E IN
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H F
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14.3
17
14.3
17
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1 L
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The
Fir
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Per
Law
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WIS
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H F
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564 564 0,00
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96.9
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96.9
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0,18
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Per
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Law
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E IN
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470 470 0,00
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E IN
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286 286 0,00
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58 58 0,00
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Silv
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2.29
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2.29
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PO
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21.6
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21.6
33
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ING
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33.6
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33.6
79
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TAL
SH
AR
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REP
RES
EN
TED
AT
TH
E S
HA
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S' M
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ING
4.33
5.84
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37.9
16.8
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42.2
52.7
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78,5
205
%
NU
MB
ER
OF
SHA
REH
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DER
S P
RES
EN
T IN
PE
RSO
N O
R B
Y P
RO
XY
257

APPENDIX B-b

LIST OF PARTICIPANTS AT THE SHAREHOLDERS' MEETING UPON OPENING OF VOTING

Share capital € 53.811.095,00

PAR
TIC
IPA
NT
NO
TES
SHA
REH
OL
DER
OW
N SHA
RES
SHA
RES
REP
E D B
RES
ENT
Y P
RO
XY
TO
TAL
SHA
RES
f Sh
% o
are Cap
ital
1 ZA
NU
SSI
NIC
OLA
Pro
xy
LA
SCO
GLI
ERA
S.P
.A.
27.0
16.8
47
27.0
16.8
47
50,2
068
%
1 C
ASE
LLI
GIO
RGI
O
Pro
xy
ALB
IZZ
ATI
TIZ
IAN
O V
INC
ENZ
O
1.60
0
1.60
0
0,00
30%
1 ZA
SSI
NIC
OLA
NU
Pro
xy
ALC
IA S
PA
HIM
1.07
6.24
7
1.07
6.24
7
2,00
00%
1 C
ASE
LLI
GIO
RGI
O
Pro
xy
BO
ALO
' PIE
TRO
AM
ERI
GO
8.50
0
8.50
0
0,0
158
%
1 B
OSS
I GI
OV
AN
NI
Sha
reho
lder
BO
SSI
GIO
VA
NN
I
1.83
8.64
6
1.83
8.64
6
3,4
169
%
1 C
ARR
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ER
MA
NN
O
Sha
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CA
RRA
RO
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AN
NO
260 260 05%
0,00
1 C
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GIO
RGI
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Pro
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CA
SEL
LI L
AU
RA
7.69
5
7.69
5
0,0
143
%
1 C
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RGI
O
Pro
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CH
IES
A D
AN
IEL
A
1.60
0
1.60
0
0,00
30%
1 FI
ORE
NTI
NI G
IAN
LUC
A
Sha
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lder
FIO
REN
TIN
I GI
AN
LUC
A
20 20 0,00
00%
1 M
AD
ERN
A F
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CES
CA
Sha
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lder
MA
DER
NA
FR
AN
CES
CA
1.07
0.42
2
1.07
0.42
2
1,98
92%
1 M
AFF
ACC
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I CA
RLO
AN
CES
CO
JAC
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EI F
FR
Sha
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MA
I FA
CCI
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CA
RLO
AN
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CO
JAC
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FR
39.0
00
39.0
00
0,07
25%
P
1
AN
DO
LFO
FA
BRI
ZIO
Sha
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PAN
DO
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3.24
2
3.24
2
0,00
60%
1 C
ASE
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GIO
RGI
O
Pro
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POR
TAL
UPP
I AN
NA
MA
RIA
CR
IST
INA
7.50
0
7.50
0
0,0
139
%
1 PR
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RIC
CAR
DO
Leg
al re
tive
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pres
PRE
VE
COS
TRU
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PA
1.15
2.50
0
1.15
2.50
0
2,14
18%
1 PR
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RIC
CAR
DO
Sha
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lder
PRE
VE
RIC
CAR
DO
94.0
00
94.0
00
0,17
47%
1 R
ARD
I RA
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ELE
Sha
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ZAR
AFF
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DI R
E
1.00
0
1.00
0
0,00
19%
1 ST
ACC
ION
E A
LBE
RTO
Sha
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STA
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ON
E A
LBE
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140
.000
140
.000
0,26
02%
1 L
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Per
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The
Law
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Tre
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ti
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119
9 SE
IU H
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CAR
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MP
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PE
NSI
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FU
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1.25
2
1.25
2
0,00
23%
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The
Firm
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1 L
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Per
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Tre
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700
30 P
D G
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TIE
R V
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27.1
92
27.
192
0,05
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1 L
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ti
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ACC
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COM
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CO
RPO
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9.18
6
9.18
6
0,0
171
%
1 L
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251
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6.21
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1.95
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VFM
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VFM
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17.2
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36.4
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36.4
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38.2
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16.9
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327
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6.28
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S C
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660 660 0,00
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1 L
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LIA
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111
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WIL
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60.4
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60.4
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135
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762 762 0,00
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2.24
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11.9
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119
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14.3
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14.3
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WIS
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D
564 564 0,00
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96.9
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96.9
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470 470 0,00
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286 286 0,00
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21.6
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33.6
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TAL
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AR
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AT
E S
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OL
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ING
REP
EN
TED
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REH
DER
EET
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0
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31.5
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78,5
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%
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MB
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OF
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DER
S P
RES
EN
T IN
PE
RSO
N O
R B
Y P
RO
XY
259

APPENDIX C

VOTING LIST FOR ITEM 1) OF THE AGENDA:

Approval of the Annual Financial Statement as at 31st December 2017; notification of the Group's Consolidated Annual Financial Statement as at 31st December 2017; allocation of profits for the year; inherent and consequent resolutions;

Sha 53.8
apit 11.0
al € 95,0
re c 0
Sha
re C
apit
al P
t the
Sha
reho
lder
's G
al M
eeti
ng €
nt a
rese
ener
42.2
70.5
96,0
0
SHA
REH
OL
DER
NO
N V
OT
ING
% o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
rs
' me
etin
g
FOR % o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
rs'
ting
mee
AG
AIN
ST
% o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
r
s' m
eeti
ng
AB
STE
NTI
ON
S
% o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
r
s' m
eeti
ng
LA
SCO
GLI
ERA
S.P
.A.
0,00
00%
0,00
00%
27.0
16.8
47
50,2
068
%
63,9
140
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALB
IZZ
ATI
TIZ
IAN
O V
INC
ENZ
O
0,00
00%
0,00
00%
1.60
0
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALC
HIM
IA S
PA
0,00
00%
0,00
00%
1.07
6.24
7
2,00
00%
2,54
61%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BOA
LO'
PIE
TRO
AM
ERI
GO
0,00
00%
0,00
00%
8.50
0
0,0
158
%
0,02
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BO
SSI
GIO
VA
NN
I
0,00
00%
0,00
00%
1.83
8.64
6
3,4
169
%
4,34
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAR
RAR
O E
RM
AN
NO
0,00
00%
0,00
00%
260 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAS
I LA
URA
ELL
0,00
00%
0,00
00%
7.69
5
0,0
143
%
0,0
182
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CHI
ESA
DA
NIE
LA
0,00
00%
0,00
00%
1.60
0
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FIO
REN
TIN
I GI
AN
LUC
A
0,00
00%
0,00
00%
20 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CES
CA
MA
DER
NA
FR
AN
0,00
00%
0,00
00%
1.07
0.42
2
1,98
92%
2,53
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
FFE
I FA
CCI
OLI
CA
RLO
FR
AN
CES
CO
JAC
OPO
0,00
00%
0,00
00%
39.0
00
0,07
25%
0,09
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
DO
LFO
FA
BRI
ZIO
0,00
00%
0,00
00%
3.24
2
0,00
60%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
POR
TAL
UPP
I AN
NA
MA
RIA
CR
IST
INA
0,00
00%
0,00
00%
7.50
0
0,0
139
%
0,0
177
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PRE
VE
COS
TRU
ZIO
NI S
PA
0,00
00%
0,00
00%
1.15
2.50
0
2,14
18%
2,72
65%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RIC
CAR
DO
PRE
VE
0,00
00%
0,00
00%
94.0
00
0,17
47%
0,22
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RIZ
ZAR
DI R
AFF
AEL
E
0,00
00%
0,00
00%
1.00
0
0,00
19%
0,00
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
CCI
ON
E A
LBE
RTO
0,00
00%
0,00
00%
140
.000
0,26
02%
0,33
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
119
9 SE
IU H
EAL
TH
CAR
E E
MP
LOY
EES
PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
1.25
2
0,00
23%
0,00
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
700
30 P
D G
LOB
ALE
AK
TIE
R V
II
0,00
00%
0,00
00%
27.
192
0,05
05%
0,06
43%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ACC
IDE
NT
COM
PEN
SAT
ION
CO
RPO
RAT
ION
0,00
00%
0,00
00%
9.18
6
0,0
171
%
0,02
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AGI
PV
WS
RC
M IN
D 84
10 S
PK
90 0
7 52
0,00
00%
0,00
00%
8.28
5
0,0
154
%
0,0
196
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALA
SKA
PE
RM
AN
ENT
FU
ND
CO
RPO
RAT
ION
0,00
00%
0,00
00%
1.66
3
0,00
31%
0,00
39%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALA
SKA
PE
RM
AN
ENT
FU
ND
CO
RPO
RAT
ION
0,00
00%
0,00
00%
2.98
1
0,00
55%
0,00
71%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALK
EN
FUN
D
0,00
00%
0,00
00%
641
.961
1,19
30%
1,5
187
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALK
EN
FUN
D
0,00
00%
0,00
00%
270
.745
0,50
31%
0,64
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
Z G
I FO
ND
S Q
UO
NIA
M S
MC
0,00
00%
0,00
00%
27.3
73
0,05
09%
0,06
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
ND
S G
AN
O 2
0,00
00%
0,00
00%
2.40
1
0,00
45%
0,00
57%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
S PF
2
ND
0,00
00%
0,00
00%
10.2
34
0,0
190
%
0,02
42%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
ND
S PT
V2
0,00
00%
0,00
00%
9.42
6
0,0
175
%
0,02
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
-FO
ND
S D
SPT
0,00
00%
0,00
00%
690 0,00
13%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AM
ERI
CAN
HO
ND
A M
AST
ER
RET
IRE
ME
NT
TRU
ST
0,00
00%
0,00
00%
12.8
47
0,02
39%
0,03
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AM
UN
DI A
CTI
ON
S PM
E E
SR
0,00
00%
0,00
00%
246
.312
0,45
77%
0,58
27%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AM
FTS
ALI
A P
CIT
S E
UN
DI E
TF
E IT
IR U
TF
DR
0,00
00%
0,00
00%
5.28
7
0,00
98%
0,0
125
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AM
UN
DI F
UN
DS
SIC
AV
0,00
00%
0,00
00%
234
.448
0,43
57%
0,55
46%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AQ
R IN
TER
NA
TIO
NA
L S
MA
LL
CAP
EQ
UIT
Y F
UN
D, L
.P.
0,00
00%
0,00
00%
8.90
0
0,0
165
%
0,02
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
(CA
NA
DA
) GL
OBA
L A
LL-
COU
NTR
Y A
LPH
A E
XTE
NSI
ON
E F
UN
D I
0,00
00%
0,00
00%
9.74
9
0,01
81%
0,02
31%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
(CA
NA
DA
) GL
OBA
L A
LL-
COU
NTR
Y F
UN
D I
0,00
00%
0,00
00%
22.3
39
0,04
15%
0,05
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
(CA
NA
DA
) IN
ELO
MA
S FU
EET
TL
DEV
PED
RKE
T E
X U
ND
I
0,00
00%
0,00
00%
2.79
9
0,00
52%
0,00
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
AC
WI
ALP
HA
EXT
ENS
ION
FU
ND
III
CAY
MA
N L
IMI
TED
0,00
00%
0,00
00%
4.9
18
0,00
91%
0,0
116
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
CA
PIT
AL
GLO
BAL
AL
L C
OU
NTR
Y A
LPH
A E
XTE
NSI
ON
FU
ND
0,00
00%
0,00
00%
3.39
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
CA
PIT
AL
GLO
BAL
EQ
UIT
Y -
ALP
HA
AX
TEN
SIO
N F
UN
D L
IMI
TED
0,00
00%
0,00
00%
17.4
99
25%
0,03
0,04
14%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
EA
FE
ALP
HA
EXT
ENS
ION
FU
ND
II
ARR
OST
REE
T IN
TER
NA
TIO
NA
L E
ITY
AC
WI
EX
US
TRU
ST F
UN
D
0,00
00%
00%
0,00
00%
00%
19.0
55
11.4
29
0,03
54%
12%
0,04
51%
70%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
QU
ARR
OST
REE
T M
ULT
Y S
TRA
TEG
Y U
MB
REL
LA
PLC
0,00
0,00
00%
0,00
0,00
00%
18.0
04
0,02
0,03
35%
0,02
0,04
26%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
WO
RLD
SM
ALL
CA
P E
QU
ITY
AL
PHA
EX
STE
NTI
ON
FU
ND
(CA
YM
AN
) LI
MIT
ED
0,00
00%
0,00
00%
14.3
10
0,02
66%
0,03
39%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ATL
AS
QU
AN
ATI
TRA
G F
TIT
VE
DIN
UN
D L
TD
0,00
00%
0,00
00%
270 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BAN
K O
F A
ME
RIC
AO
MN
IBU
S
0,00
00%
0,00
00%
349 0,00
06%
0,00
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BGI
MS
CI E
AFE
SM
ALL
CA
P E
QU
ITY
IND
EX
FUN
D B
0,00
00%
0,00
00%
2.54
4
0,00
47%
0,00
60%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BLA
CKR
OCK
AM
SC
H A
G O
BO
BIF
S W
ORL
D E
X S
W S
MA
LL
CAP
EQ
IND
EX
F
0,00
00%
0,00
00%
126 0,00
02%
0,00
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BLA
CKR
OCK
INS
T T
RU
ST
CO
NA
INV
FU
ND
SFO
R E
MP
LOY
EE
BEN
EFI
T T
R
0,00
00%
0,00
00%
13.0
03
0,02
42%
0,03
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BLA
CKR
OCK
INS
TITU
TIO
NAL
TRU
ST C
OM
PAN
Y N
.A. I
NVE
STM
ENT
FUN
DS F
OR
EMP
LOY
EE B
ENE
FIT
TRU
STS
0,00
00%
0,00
00%
19.7
30
0,03
67%
0,04
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BNY
ME
LLO
N E
MP
LOY
EE
BEN
EFI
T C
OLL
ECT
IVE
INV
EST
ME
NT
FUN
D P
LAN
0,00
00%
0,00
00%
889 0,00
17%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BNY
MT
D C
F M
ITO
N E
URO
PEA
N O
PPS
FU
ND
0,00
00%
0,00
00%
138
.712
0,25
78%
0,32
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BO
STO
N P
ATR
IOT
CO
NG
RES
S ST
LL
C C
/O P
AN
AG
ORA
AS
SET
MA
NA
GEM
ENT
, IN
C.
0,00
00%
0,00
00%
648 0,00
12%
0,00
15%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A P
UBL
IC E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
42.2
68
0,07
85%
0,10
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A P
UBL
IC E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
2.82
2
0,00
52%
0,00
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
3.74
2
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00 00%
0,00
00%
216 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00 00%
0,00
00%
12.1
38
0,02
26%
0,02
87%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAR
PIM
KO
PM
CA
PI H
0,00 00%
0,00
00%
19.0
00
0,03
53%
0,04
49%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAS
EY
FP H
OSK
ING
GL
OBA
L
0,00 00%
0,00
00%
7.63
5
0,01
42%
0,01
81%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAT
ERP
ILLA
R IN
VES
TME
NT T
RUS
T
0,00 00%
0,00
00%
10.3
57
0,01
92%
0,02
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CBO
SC
ATF
CB
GS-
WG
SS0
2 N
EW
0,00 00%
0,00
00%
19.8
11
0,03
68%
0,04
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CCL
&L
Q G
ROU
P G
LOB
AL
EQU
ITY
FU
ND
0,00 00%
0,00
00%
100 0,00
02%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CE8
F W
ILL
IAM
BL
AIR
ISC
E
0,00 00%
0,00
00%
47.9
96
0,08
92%
0,11
35%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CEN
INC
AST
ST
TUR
YLI
NK
. DE
FIN
ED
BEN
EFI
T M
ER
TRU
0,00 00%
0,00
00%
8.18
0
0,01
52%
0,01
94%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CEN
TUR
YLI
NK
INC
. DE
FIN
ED
CON
TRI
BUT
ION
PL
AN
MA
STE
R T
RU
ST
0,00 00%
0,00
00%
6.50
9
0,01
21%
0,01
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CF
DV
AC
WI
EX-
U.S
. IM
I FU
ND
0,00 00%
0,00
00%
83 0,00
02%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CFP
ST
SUS
BE
T E
UR
FUN
D
0,00 00%
0,00
00%
8.21
9
0,01
53%
0,01
94%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
00%
00%
1.14
0
21% 27% 00% 00% 00%
CH0
526
- UB
S (C
H) IN
STIT
UTIO
NAL
FUN
D - E
QUIT
IES
GLO
BAL
SMA
LL C
AP P
ASS
IVE
II
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
00%
CIT
Y O
F L
OS
AN
GEL
ES
FIR
E A
ND
PO
LIC
E P
ENS
ION
PL
AN
0,00 00%
0,00
00%
3.36
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YOR
K D
EFE
RRE
D C
OM
PEN
SAT
ION
PLA
N
0,00 00%
0,00
00%
31.7
72
0,05
90%
0,07
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00 00%
0,00
00%
2.43
6
0,00
45%
0,00
58%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
YO
GRO
ST
F N
EW
RK
UP
TRU
0,00 00%
0,00
00%
3.38
8
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00 00%
0,00
00%
4.10
3
0,00
76%
0,00
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
10.1
26
0,01
88%
0,02
40%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
688 0,00
13%
0,00
16%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.26
7
0,00
24%
0,00
30%
COL
LEG
EQ
IES
E R
ETI
REM
ENT
UIT
FU
ND
0,00 00%
0,00
00%
126
.850
0,23
57%
0,30
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CON
NEC
TIC
UT
GEN
ERA
L L
IFE
INS
URA
NCE
CO
MP
AN
Y
0,00 00%
0,00
00%
65 0,00
01%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COP
PER
RO
CK
INT
ERN
ATI
ON
AL
SM
ALL
CA
P FU
ND
0,00 00%
0,00
00%
196
.013
0,36
43%
0,46
37%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COU
NSE
L G
LOB
AL
SM
ALL
CA
P
0,00 00%
0,00
00%
59
32.6
0,06
07%
0,07
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CPA
CO
P PS
ERS
WA
SAT
CH
AD
VIS
ORS
0,00 00%
0,00
00%
57.2
55
0,10
64%
0,13
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CTJ
RE
ST
AN
LIB
GL
OBA
L E
Q H
OSK
ING
0,00 00%
0,00
00%
27.3
95
0,05
09%
0,06
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CTJ
RE
ST
AN
LIB
GL
OBA
L E
QU
ITY
FD
AB
0,00 00%
0,00
00%
1.90
0
0,00
35%
0,00
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
D.E
. SH
AW
AS
YM
PTO
TE
INT
ERN
ATI
ON
L L
TD
0,00 00%
0,00
00%
6 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TA
MA
STE
ST
DEL
R T
RU
0,00 00%
0,00
00%
48.7
86
0,09
07%
0,11
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEL
TA
PIL
OTS
DIS
ABI
LIT
Y A
ND
SU
RVI
VO
RSH
IP
0,00 00%
0,00
00%
5.01
8
0,00
93%
0,01
19%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEU
TSC
HE
X-T
RAC
KER
S M
SCI
EM
U H
EDG
ED
EQU
ITY
ET
F
0,00 00%
0,00
00%
154 0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DIG
NIT
Y H
EAL
TH
0,00 00%
0,00
00%
5.56
1
0,01
03%
0,01
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DO
MIN
ION
RE
SOU
RCE
S IN
C. M
AST
ER
TRU
ST
0,00 00%
0,00
00%
2.47
3
0,00
46%
0,00
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FCP
AS
TOR
G C
ROI
SSA
NCE
D C
AP
MI
0,00 00%
0,00
00%
8.56
2
0,01
59%
0,02
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FCP
GR
OU
PAM
A A
VEN
IR E
UR
O
0,00 00%
0,00
00%
789
.968
1,46
80%
1,86
88%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FCP
HS
BC
TEC
HN
OLO
GIE
00%
00%
41.6
93
75% 86% 00% 00% 00%
FID
ELI
TY
SAL
ST
T S
PAR
TAN
TO
TAL
INT
IN
F
0,00 0,00
00%
00%
642 0,07
12%
0,09
15%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
00%
FIR
ST T
RU
ST D
EV
MA
RK
EX
US
SM
ALL
CA
P A
LP
0,00 00%
0,00
00%
887 0,00
16%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
XSH
ARE
S M
ORN
ING
STA
LOP
MA
TS
US
FAC
TOR
FLE
R D
EVE
ED
RKE
EX-
TIL
T IN
DEX
FU
ND
0,00 00%
0,00
00%
1.61
7
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00 00%
0,00
00%
4.17
4
0,00
78%
0,00
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00 00%
0,00
00%
132
.486
0,24
62%
0,31
34%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
SY
STE
RID
A R
ETI
REM
ENT
M .
0,00 00%
0,00
00%
6.14
2
0,01
14%
0,01
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GEN
ERA
LI S
MA
RT
FUN
DS
SIC
AV
0,00 00%
0,00
00%
5.45
5
0,01
01%
0,01
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GEN
ERA
LI S
MA
RT
FUN
DS
SIC
AV
0,00 00%
0,00
00%
9.15
2
0,01
70%
0,02
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
INS
TIT
UTI
ON
S PE
NSI
ON
FU
ND
0,00 00%
0,00
00%
965 0,00
18%
0,00
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
OF
NO
RW
AY
0,00 00%
0,00
00%
646
.539
1,20
15%
1,52
95%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
OF
NO
AY
VER
NM
ENT
RW
0,00 00%
0,00
00%
262
.924
0,48
86%
0,62
20%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
SU
PER
AN
NU
ATI
ON
FU
ND
0,00 00%
0,00
00%
12.9
94
0,02
41%
0,03
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GTT
A P
AN
THE
R F
UN
D L
P
0,00 00%
0,00
00%
159 0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HA
RTF
ORD
MU
LTI
FAC
TOR
GL
OBA
L S
MA
LL
CAP
ET
F
0,00 00%
0,00
00%
242 0,00
04%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
GL
OBA
L F
UN
D P
LC
0,00 00%
0,00
00%
252
.190
0,46
87%
0,59
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
PA
ERS
CO
CTI
EST
ST
RTN
LLE
VE
INV
ME
NT
TRU
0,00 00%
0,00
00%
40.2
64
0,07
48%
0,09
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
EQ
UIT
Y F
UN
D L
LC
0,00 00%
0,00
00%
19.8
36
0,03
69%
0,04
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
GL
OBA
L E
QU
ITY
TR
UST
0,00 00%
0,00
00%
7.97
8
0,01
48%
0,01
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
STP
LUS
PO
OLE
D S
UPE
RAN
NU
ATI
ON
TR
UST
0,00 00%
0,00
00%
45.2
78
0,08
41%
0,10
71%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HSB
C G
LOB
AL
INV
EST
ME
NT
FUN
DS
0,00 00%
0,00
00%
140
.000
0,26
02%
0,33
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
IBM
401
K P
LUS
PL
AN
0,00 00%
0,00
00%
15.8
40
0,02
94%
0,03
75%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ILL
INO
IS M
UN
ICIP
AL
RET
IRE
ME
NT
FUN
D
0,00 00%
0,00
00%
67.9
49
0,12
63%
0,16
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ILL
INO
IS S
TAT
E B
OA
RD
OF
INV
EST
ME
NT
0,00 00%
0,00
00%
4.20
7
0,00
78%
0,01
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
IAN
A P
IC R
SY
STE
IND
UBL
ETI
REM
ENT
M
0,00 00%
0,00
00%
760 0,00
14%
0,00
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
INT
ERN
ATI
ON
AL
MO
NET
ARY
FU
ND
0,00 00%
0,00
00%
472 0,00
09%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
INT
ERN
ATI
ON
AL
MO
NET
ARY
FU
ND
0,00 00%
0,00
00%
241 0,00
04%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S A
LLC
OU
NTR
Y E
QU
ITY
IND
EX
FUN
D
0,00 00%
0,00
00%
107 0,00
02%
0,00
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S C
ORE
MS
CI E
AFE
ET
F
0,00 00%
0,00
00%
83.9
75
0,15
61%
0,19
87%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S C
ORE
MS
CI E
AFE
IM
I IN
DEX
ET
F
0,00 00%
0,00
00%
1.35
8
0,00
25%
0,00
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S II
I PU
BBL
IC L
IMI
TED
CO
MP
AN
Y
0,00 00%
0,00
00%
1.22
6
0,00
23%
0,00
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EA
FE
SM
ALL
CA
P E
TF
00%
00%
99.3
10
46% 49% 00% 00% 00%
ARE 0,00 0,00 0,18 0,23 0,00 0,00 0,00 0,00
00%
ISH
S M
SCI
EU
ROP
E IM
I IN
DEX
ET
F
0,00 00%
0,00
00%
562 0,00
10%
0,00
13%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EU
ROP
E S
MA
LL-
CAP
ET
F
0,00 00%
0,00
00%
3.70
7
0,00
69%
0,00
88%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S V
LC
II P
0,00 00%
0,00
00%
16.8
47
0,03
13%
0,03
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S V
II P
LC
0,00 00%
0,00
00%
5.56
5
0,01
03%
0,01
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISL
AN
D C
API
TAL
INV
EST
ME
NTS
II,
LLC
0,00 00%
0,00
00%
2.54
6
0,00
47%
0,00
60%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
JAN
US
HEN
DER
SON
HO
RIZ
ON
FU
ND
0,00
00%
0,00
00%
215
.099
0,39
97%
0,50
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
JOH
CM
INT
ERN
ATI
ON
AL
SM
ALL
CA
P E
QU
ITY
FU
ND
0,00
00%
0,00
00%
79.8
97
0,14
85%
0,18
90%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
KA
ISE
R F
OU
ND
ATI
ON
HO
SPI
TAL
S
0,00
00%
0,00
00%
2.77
1
0,00
51%
0,00
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
KA
ISE
R P
ERM
AN
ENT
E G
ROU
P T
RU
ST
0,00
00%
0,00
00%
12.2
58
0,02
28%
0,02
90%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
KP
INT
ERN
ATI
ON
AL
EQU
ITY
FU
ND
0,00
00%
0,00
00%
1.18
1
0,00
22%
0,00
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LAB
ORE
RS'
AN
D R
ET
BOA
RD
EM
PL
AN
NU
ITY
& B
ENE
FIT
F O
F C
HIC
AG
O
0,00
00%
0,00
00%
14.3
75
0,02
67%
0,03
40%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LEG
& G
ICA
AL
ENE
RAL
V
0,00
00%
0,00
00%
200 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LEG
AL
AN
D G
ENE
RAL
AS
SUR
AN
CE
PEN
SIO
NS
MA
NA
GEM
ENT
LIM
ITE
D
0,00
00%
0,00
00%
3.36
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LEG
AL
AN
D G
ENE
RAL
CO
LLE
CTI
VE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
490 0,00
09%
0,00
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LM
IF L
MG
AM
I EU
RO
SM
LL
CP
0,00
00%
0,00
00%
6.02
6
0,01
12%
0,01
43%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LOS
AN
GEL
ES
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
2.21
9
0,00
41%
0,00
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LOS
AN
GEL
ES
CIT
LOY
EES
SY
STE
Y E
MP
RE
TIR
EM
ENT
M
0,00
00%
0,00
00%
9.97
9
0,01
85%
0,02
36%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
M+G
INV
EST
MEN
T F
UND
S (7
)- M
+G
EUR
OPE
AN
SEL
ECT
FU
ND
0,00
00%
0,00
00%
58.8
25
0,10
93%
0,13
92%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
M+
G IN
VES
TM
ENT
FU
ND
S (7
)- M
+G
PAN
EU
ROP
EAN
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
62.5
64
0,11
63%
0,14
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
INS
TAY
INT
ERN
ATI
ON
AL
EQU
ITY
FU
ND
0,00
00%
0,00
00%
118
.222
0,21
97%
0,27
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
INS
TAY
VP
INT
ERN
ATI
ON
AL
EQU
ITY
PO
RTF
OLI
O
0,00
00%
0,00
00%
173
.102
0,32
17%
0,40
95%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MAP
192
SEG
REG
ATE
D PO
RTF
OLIO
, A S
EG P
ORT
OF
LMA
SPC
MG
D BY
PAN
AGO
RA A
SST
MGM
NT I
NC P
M A
CT
MA
RRI
OTT
INT
C. P
OO
LED
INV
TR
FO
R P
ART
ICIP
AN
T D
IRE
CTE
D A
CC
0,00
00%
00%
0,00
00%
00%
7.63
2
6.76
4
0,01
42%
26%
0,01
81%
60%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
, IN
MA
RYL
AN
D S
TAT
E R
ETI
REM
ENT
& P
ENS
ION
SY
STE
M
0,00
0,00
00%
0,00
0,00
00%
1.57
8
0,01
0,00
29%
0,01
0,00
37%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
MER
CER
QIF
CC
F
0,00
00%
0,00
00%
45.3
67
0,08
43%
0,10
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ME
TZL
ER
INT
ERN
ATI
ON
AL
INV
. PL
C
0,00
00%
0,00
00%
105
.362
0,19
58%
0,24
93%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MI
FON
DS
K10
SPK
0,00
00%
0,00
00%
11.6
74
0,02
17%
0,02
76%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MM
SE
LEC
T E
QU
ITY
AS
SET
FU
ND
0,00
00%
0,00
00%
230 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MS
CI E
AFE
SM
ALL
CA
P PR
OV
IND
EX
SEC
CO
MM
ON
TR
F
0,00
00%
0,00
00%
7.13
0
0,01
33%
0,01
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
OR
FTS
ALI
A M
ID C
AP
MU
F L
YX
E IT
0,00
00%
0,00
00%
37.2
89
0,06
93%
0,08
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MU
L -
LYX
OR
ITA
LIA
EQ
UIT
Y P
IR
0,00
00%
0,00
00%
2.96
7
0,00
55%
0,00
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MU
NIC
IPA
L E
MP
LOY
EES
' AN
NU
ITY
AN
D B
ENE
FIT
FU
ND
OF
CH
ICA
GO
0,00
00%
0,00
00%
42.5
41
0,07
91%
0,10
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MU
NIC
IPA
L E
MP
LOY
EES
' AN
NU
ITY
AN
D B
ENE
FIT
FU
ND
OF
CH
ICA
GO
0,00
00%
0,00
00%
676 0,00
13%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
L C
OU
NCI
L F
OR
SOC
IAL
SE
CUR
ITY
FU
ND
, P.R
.C
0,00
00%
0,00
00%
1.99
9
0,00
37%
0,00
47%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
AIL
ROA
EST
ST
L R
D R
ETI
REM
ENT
INV
ME
NT
TRU
0,00
00%
0,00
00%
1.89
8
0,00
35%
0,00
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
L R
AIL
ROA
D R
ETI
REM
ENT
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
10.6
14
0,01
97%
0,02
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
L W
EST
MIN
STE
R B
AN
K P
LC
AS
TRU
STE
E O
F K
ES
STR
AT
INV
F
0,00
00%
0,00
00%
2.19
8
0,00
41%
0,00
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TW
EST
DE
P C
F O
DEY
AB
SOL
UTE
RT
N
0,00
00%
0,00
00%
52.9
96
0,09
85%
0,12
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEB
RA
SKA
PU
BLI
C E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
17.9
54
0,03
34%
0,04
25%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
XIC
O S
TAT
VES
CO
CIL
NEW
ME
E IN
TM
ENT
UN
0,00
00%
0,00
00%
1.20
0
0,00
22%
0,00
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
0,00
00%
0,00
00%
316 0,00
06%
0,00
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
& A
NN
UIT
Y C
ORP
OR
0,00
00%
0,00
00%
3.74
2
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
YO
SUR
CE
COM
NEW
RK
LIF
E IN
AN
PAN
Y
0,00
00%
0,00
00%
2.17
3
0,00
40%
0,00
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00
00%
0,00
00%
897 0,00
17%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00
00%
0,00
00%
228
.970
0,42
55%
0,54
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
STA
TE
COM
MO
N R
ETI
REM
ENT
FU
ND
0,00
00%
0,00
00%
6.38
1
0,01
19%
0,01
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
ZE
ALA
ND
SU
PER
AN
NU
ATI
ON
FU
ND
0,00
00%
0,00
00%
22 0,00
00%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
B 1
051
3 G
LOB
AL
ERS
NK
DIV
IFIE
D
0,00
00%
0,00
00%
13.5
56
0,02
52%
0,03
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00
00%
0,00
00%
13.0
08
0,02
42%
0,03
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00
00%
0,00
00%
255 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00
00%
0,00
00%
4.28
8
0,00
80%
0,01
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NTG
I-QM
CO
MM
ON
DA
ILY
AL
L C
OU
NW
D E
X-U
S IN
V M
KT
IND
EX
F N
ON
LEN
D
0,00
00%
0,00
00%
657 0,00
12%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
OD
EST
NTS
C
EY
INV
ME
PL
0,00
00%
0,00
00%
39.0
00
0,07
25%
0,09
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
OD
EY
INV
EST
ME
NTS
PL
C
EPA
BAL
ARE
MA
0,00
00%
0,00
00%
9.56
7
0,01
78%
0,02
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ON
TH
GLO
SH
S - S
LL
CAP
(UN
HED
GED
) IN
DEX
POO
L
ORE
GO
N P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T SY
STE
M
0,00
00%
00%
0,00
00%
00%
1.18
6
2.49
2
0,00
22%
46%
0,00
28%
59%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
ORE
GO
IC E
OYE
ES
T SY
STE
N P
UBL
MPL
RET
IRE
MEN
M
0,00
0,00
00%
0,00
0,00
00%
3.32
0
0,00
0,00
62%
0,00
0,00
79%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
OW
ENS
CO
RNI
NG
DE
FIN
ED
BEN
EFI
T M
AS
TR
0,00
00%
0,00
00%
3.08
5
0,00
57%
0,00
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
AG
ORA
AS
SET
MA
NA
GEM
ENT
INC
0,00
00%
0,00
00%
113 0,00
02%
0,00
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
AG
ORA
AS
SET
MA
NA
GEM
ENT
INC
0,00
00%
0,00
00%
64 0,00
01%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SIO
LAN
FO
PLO
S O
F C
ON
COR
DIA
RSI
PEN
N P
R T
HE
EM
YEE
UN
IVE
TY
0,00
00%
0,00
00%
2.67
6
0,00
50%
0,00
63%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PEN
SIO
N R
ESE
RVE
S IN
VES
TM
ENT
TR
UST
FU
ND
0,00
00%
0,00
00%
3.19
2
0,00
59%
0,00
76%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PEN
SIO
N R
ESE
RVE
S IN
VES
TM
ENT
TR
UST
FU
ND
0,00
00%
0,00
00%
5.51
0
0,01
02%
0,01
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PHC
NT
SM
ALL
CA
P
0,00
00%
0,00
00%
1.71
9
0,00
32%
0,00
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PIN
E IS
LAN
D II
I, L
LC
0,00
00%
0,00
00%
12.3
09
0,02
29%
0,02
91%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PRO
CER
RS
GU
OF
AM
CA
SIO
LAN
DU
-WR
ITE
ILD
ERI
PEN
N P
0,00
00%
0,00
00%
378 0,00
07%
0,00
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PS F
R D
EVE
L M
AR
K E
X U
S SM
ALL
PO
RT
0,00
00%
0,00
00%
1.74
3
0,00
32%
0,00
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PS F
TSE
RAF
I EU
SM
UCI
TS
ETF
BN
YM
TCI
L
0,00
00%
0,00
00%
272 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
AS
SOC
IAT
ION
OF
NE
W M
EXI
CO
0,00
00%
0,00
00%
1.54
0
0,00
29%
0,00
36%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00
00%
0,00
00%
5.32
0
0,00
99%
0,01
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00
00%
0,00
00%
6.41
2
0,01
19%
0,01
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LIC
PLO
S R
SY
STE
M O
F O
HIO
PUB
EM
YEE
ETI
REM
ENT
0,00
00%
0,00
00%
4.96
8
0,00
92%
0,01
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00
00%
0,00
00%
32.4
12
0,06
02%
0,07
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
QAN
TAS
SU
ON
AS
UST
FOR
E Q
AS
SUP
TIO
PER
NNA
UTI
LIM
ITED
TR
EE
TH
ANT
ERN
NUA
N P
LAN
0,00
00%
0,00
00%
15.7
81
0,02
93%
0,03
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
REN
AIS
SAN
CE
GLO
BAL
SM
ALL
-CA
P FU
ND
0,00
00%
0,00
00%
2.66
6
0,00
50%
0,00
63%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RET
AIL
EM
PLO
YEE
S SU
PER
AN
NU
ATI
ON
TR
UST
0,00
00%
0,00
00%
117
.079
0,21
76%
0,27
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ROC
HE
U.S
. RE
TIR
EM
ENT
PL
AN
S M
AST
ER
TRU
ST
0,00
00%
0,00
00%
11.3
78
0,02
11%
0,02
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ROW
F G
T A
CW
I EX
US
0,00
00%
0,00
00%
50.2
45
0,09
34%
0,11
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RU
SSE
LL
INV
EST
ME
NT
COM
PAN
Y IV
PL
C
0,00
00%
0,00
00%
3.27
1
0,00
61%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RU
SSE
LL
INV
EST
ME
NT
COM
PAN
YM
ULT
I AS
SET
GR
OW
TH
STR
ATE
GY
FU
ND
0,00
00%
0,00
00%
7.01
5
0,01
30%
0,01
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RW
CIT
EA
FE
0,00
00%
0,00
00%
14.7
84
0,02
75%
0,03
50%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RYD
ER
COU
RT
INT
ERN
ATI
ON
AL
SM
ALL
CO
MP
AN
IES
FU
ND
(DS
T)
0,00
00%
0,00
00%
3.51
7
0,00
65%
0,00
83%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SAC
RAM
O C
OU
PLO
S R
SY
STE
ENT
NTY
EM
YEE
ETI
REM
ENT
M
0,00
00%
0,00
00%
21.6
15
0,04
02%
0,05
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SAN
DIE
GO
CIT
Y E
MPL
OYE
ES
RET
IRE
MEN
T SY
STE
M
0,00
00%
0,00
00%
10.0
70
0,01
87%
0,02
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SBC
MA
STE
R P
ENS
ION
TR
UST
SB
C M
AST
ER
PEN
SIO
N T
RU
ST
208
0,00
00%
0,00
00%
19.4
11
0,03
61%
0,04
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
NCE
GL
OBA
QU
SM
ER
AD
VA
D B
ETA
L E
ITY
A
0,00
00%
0,00
00%
20.0
27
0,03
72%
0,04
74%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
INT
ERN
ATI
ON
AL
SEL
ECT
ION
FU
ND
0,00
00%
0,00
00%
123
.808
0,23
01%
0,29
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
INT
ERN
ATI
ON
AL
SEL
ECT
ION
FU
ND
0,00
00%
0,00
00%
2.87
5
0,00
53%
0,00
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
SIO
AN
AG
ER
PEN
N M
EM
ENT
LT
D
0,00
00%
0,00
00%
5.81
9
0,01
08%
0,01
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
WA
B IN
TER
NA
TIO
NA
L S
MA
LL-
CAP
EQ
UIT
Y E
TF
0,00
00%
0,00
00%
18.7
66
0,03
49%
0,04
44%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCS
NA
VIG
ATO
R F
UN
D
0,00
00%
0,00
00%
6.02
9
0,01
12%
0,01
43%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SEI
GL
OBA
L M
AST
ER
FUN
D P
LC
0,00
00%
0,00
00%
29.7
24
0,05
52%
0,07
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SEI
LU
PUS
AL
PHA
PA
N E
UR
OPE
AN
0,00
00%
0,00
00%
18.5
79
0,03
45%
0,04
40%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SHE
LL
PEN
SIO
NS
TRU
ST L
IMI
TED
AS
TR
UST
EE
OF
SHE
LL
CON
TRI
BUT
ORY
PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
4.59
8
0,00
85%
0,01
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SHE
LL
TRU
ST
(BE
RM
UD
A) L
IMI
TED
AS
TR
UST
EE
OF
THE
SH
ELL
INT
ERN
ATI
ON
AL
PEN
SIO
N F
UN
D
0,00
00%
0,00
00%
456 0,00
08%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SHE
ST
(BE
A) L
AS
STE
E O
SHE
OV
ERS
EAS
C.P
LL
TRU
RM
UD
TD
TRU
F T
HE
LL
. FU
ND
0,00
00%
0,00
00%
2.19
8
0,00
41%
0,00
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SOG
ECA
P A
CTI
ON
S SM
ALL
CA
P
0,00
00%
0,00
00%
102
.060
0,18
97%
0,24
14%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SON
DER
VER
MO
EGE
N B
KM
0,00
00%
0,00
00%
21.6
48
0,04
02%
0,05
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SON
DER
VER
MO
EGE
N K
MF
0,00
00%
0,00
00%
38.1
34
0,07
09%
0,09
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SPD
R S
&P
WO
RLD
(EX
-US
) ET
F
0,00
00%
0,00
00%
24.6
39
0,04
58%
0,05
83%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SS B
K A
ND
TR
UST
CO
MP
AN
Y IN
V F
UN
DS
FOR
TA
XEX
EM
PT
RET
IRE
ME
NT
PL
0,00
00%
0,00
00%
21.1
83
0,03
94%
0,05
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SS B
K A
ND
TR
UST
CO
MP
AN
Y IN
V F
UN
DS
FOR
TA
XEX
EM
PT
RET
IRE
ME
NT
PL
SSG
A S
FS E
URO
BLIC
CO
PDR
ET
PE
II PU
LIM
ITED
MPA
NY
0,00
00%
0,00
00%
18.6
51
0,03
47%
0,04
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SSG
A S
PDR
ET
FS E
URO
PE
II PU
BLIC
LIM
ITED
CO
MPA
NY
0,00
00%
00%
0,00
00%
00%
929
3.06
1
0,00
17%
57%
0,00
22%
72%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
SSG
A S
PDR
ET
FS E
URO
PE
II PU
BLIC
LIM
ITED
CO
MPA
NY
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
00%
STA
TE
OF
ALA
SKA
RE
TIR
EM
ENT
AN
D B
ENE
FIT
S PL
AN
S
0,00
00%
0,00
00%
0,00
00%
0,00
00%
81
7.65
8
0,00
02%
0,01
42%
0,00
02%
0,01
81%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
TE
OF
ALA
SKA
RE
TIR
EM
ENT
AN
D B
ENE
FIT
S PL
AN
S
0,00
00%
0,00
00%
194 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
TE
OF
NEW
JER
SEY
CO
MM
ON
PE
NSI
ON
FU
ND
D
0,00
00%
0,00
00%
56.0
08
0,10
41%
0,13
25%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STI
CHT
ING
NSI
OEN
FON
DS
VO
OR
ISA
RTS
PE
HU
EN
0,00
00%
0,00
00%
1.90
3
0,00
35%
0,00
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STI
CHT
ING
PH
ILIP
S PE
NSI
OEN
FON
DS
0,00
00%
0,00
00%
3.77
8
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STI
CHT
ING
SH
ELL
PE
NSI
OEN
FON
DS
0,00
00%
0,00
00%
7.10
2
0,01
32%
0,01
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SUN
SUP
ER
SUP
ERA
NN
UA
TIO
N F
UN
D
0,00
00%
0,00
00%
10.3
76
0,01
93%
0,02
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TEA
CHE
RS'
RET
IRE
ME
NT
SYS
TEM
OF
TH
E S
TAT
E O
F IL
LIN
OIS
0,00
00%
0,00
00%
102
.138
0,18
98%
0,24
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TEA
CHE
RS'
S R
SY
STE
M O
F O
KLA
HO
MA
ETI
REM
ENT
0,00
00%
0,00
00%
64.4
93
0,11
99%
0,15
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TEX
AS
MU
NIC
IPA
L R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
61.7
92
0,11
48%
0,14
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
AR
ROW
STR
EET
CO
MM
ON
CON
TRA
CTU
AL
FUN
D
0,00
00%
0,00
00%
17.2
58
0,03
21%
0,04
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
AR
ROW
STR
EET
CO
MM
ON
CON
TRA
CTU
AL
FUN
D
0,00
00%
0,00
00%
15.4
64
0,02
87%
0,03
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
BO
EIN
G C
OM
PAN
Y E
MP
LOY
EE
RET
IRE
ME
NT
P
0,00
00%
0,00
00%
776 0,00
14%
0,00
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
BO
EIN
G C
OM
PAN
Y E
MP
LOY
EE
RET
IRE
ME
NT
P
0,00
00%
0,00
00%
53.5
97
0,09
96%
0,12
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
GB
C IN
TL
GRO
WT
H F
UN
D
0,00
00%
0,00
00%
35.3
33
0,06
57%
0,08
36%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
ME
THO
DIS
T H
OSP
ITA
L
0,00
00%
0,00
00%
15.1
83
0,02
82%
0,03
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
47 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
78 0,00
01%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
3 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
57 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
ST
ATE
OF
CO
NN
ECT
ICU
T A
CTI
NG
THR
OU
GH
ITS
TR
EAS
URE
R
0,00
00%
0,00
00%
83.3
56
0,15
49%
0,19
72%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
EYS
TON
THE
TIF
F K
E F
UN
D, L
.P.
0,00
00%
0,00
00%
1.27
8
0,00
24%
0,00
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
TR
UST
EES
OF
CA
TER
PIL
LAR
PE
NSI
ON
PL
AN
0,00
00%
0,00
00%
9.47
1
0,01
76%
0,02
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
WA
WA
NES
A M
UTU
AL
INS
URA
NCE
CO
MP
AN
Y
0,00
00%
0,00
00%
3.23
8
0,00
60%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TIA
A-C
REF
INT
ERN
ATI
ON
AL
SM
ALL
-CA
P E
QU
ITY
FU
ND
0,00
00%
0,00
00%
28.0
00
0,05
20%
0,06
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TIF
F IN
VES
TM
ENT
PR
OG
RAM
, IN
C -
TIF
F M
ULT
I-A
SSE
T F
UN
D
0,00
00%
0,00
00%
13.7
80
0,02
56%
0,03
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TOU
CHS
TON
E S
TRA
TEG
IC T
RU
ST-
INT
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
54.9
71
1.47
4
0,10
22%
0,13
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
00%
0,00
00%
00%
837 0,00
27%
16%
0,00
35%
20%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
UA
DIC
AL
TS
ST
W R
ETI
REE
ME
BEN
EFI
TRU
0,00
0,00
00%
0,00
0,00
00%
1.79
0
0,00
0,00
33%
0,00
0,00
42%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
1.27
8
0,00
24%
0,00
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
900 0,00
17%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UB
S (U
S) G
ROU
P T
RU
ST
0,00
00%
0,00
00%
717 0,00
13%
0,00
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UB
S ET
F
0,00
00%
0,00
00%
157 0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
S FU
MG
T (C
H) A
G C
H05
16/U
BSC
2-E
GSC
UB
ND
HIF
PII
0,00
00%
0,00
00%
4.44
7
0,00
83%
0,01
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
US
STE
EL
CAN
AD
A IN
C M
AST
ER
TRU
ST
0,00
00%
0,00
00%
3.74
7
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UTA
H S
TAT
E R
ETIR
EME
NT
SYS
TEM
S
0,00
00%
0,00
00%
2.11
2
0,00
39%
0,00
50%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VAN
GUA
RD
DEV
EL A
LL-C
AP
EX
NOR
TH
AM
ERI
CA
EQT
IND
PO
OLE
D F
UND
0,00
00%
0,00
00%
35 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
DEV
ELO
PED
MA
RKE
TS
IND
EX
FUN
D
0,00
00%
0,00
00%
104
.389
0,19
40%
0,24
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
OPE
AN
ST
OCK
RD
EUR
IND
EX
FUN
D
0,00
00%
0,00
00%
45.8
30
0,08
52%
0,10
84%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E A
LL
WO
RLD
SM
ALL
CA
P IN
D F
U
0,00
00%
0,00
00%
42.2
30
0,07
85%
0,09
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E D
EVE
LOP
ED
ALL
CA
P E
X N
ORT
H A
ME
RIC
A IN
DEX
ET
F
0,00
00%
0,00
00%
414 0,00
08%
0,00
10%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E D
EVE
LOP
ED
EUR
OPE
AL
L C
AP
IND
EX
ETF
0,00
00%
0,00
00%
396 0,00
07%
0,00
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INT
ERN
ATI
ON
AL
SM
ALL
CO
MP
AN
IES
I
0,00
00%
0,00
00%
2.03
6
0,00
38%
0,00
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INV
FU
ND
S IC
VC
-VA
NG
UA
RD
FTS
E G
LOB
AL
L C
AP
IND
FU
ND
0,00
00%
0,00
00%
40 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INV
EST
ME
NT
SER
IES
, PL
C
0,00
00%
0,00
00%
5.42
2
0,01
01%
0,01
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
TOT
AL
INT
ERN
ATI
ON
AL
STO
CK
IND
EX
0,00
00%
0,00
00%
251
.627
0,46
76%
0,59
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
TOT
AL
WO
RLD
ST
OCK
IND
EX
FUN
D
0,00
00%
0,00
00%
6.21
3
0,01
15%
0,01
47%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
API
RFO
AK
SJE
GLO
BAL
SM
ALL
CA
S I
VER
DIP
ND
ET
KLP
P IN
DEK
0,00
00%
0,00
00%
1.95
3
0,00
36%
0,00
46%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VFM
SM
ALL
CO
MP
AN
IES
TR
UST
0,00
00%
0,00
00%
30.4
80
0,05
66%
0,07
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VFM
C IN
TER
NA
TIO
NA
L E
QU
ITY
TR
UST
1
0,00
00%
0,00
00%
17.2
52
0,03
21%
0,04
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VFM
C IN
TER
NA
TIO
NA
L E
QU
ITY
TR
UST
2
0,00
00%
0,00
00%
36.4
29
0,06
77%
0,08
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VIR
GIN
IA R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
38.2
02
0,07
10%
0,09
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SAT
CH
GLO
BAL
OP
POR
S FU
TUN
ITIE
ND
0,00
00%
0,00
00%
16.9
16
0,03
14%
0,04
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SAT
CH
INT
ERN
ATI
ON
AL
GRO
WT
H F
UN
D
0,00
00%
0,00
00%
327
.680
0,60
89%
0,77
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SAT
CH
INT
L SM
ALL
CA
P G
ROW
TH
0,00
00%
0,00
00%
11.6
05
0,02
16%
0,02
75%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SHI
NG
TON
ST
ATE
INV
EST
ME
NT
BOA
RD
0,00
00%
0,00
00%
5
7.62
0,01
42%
0,01
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WE
ST V
IRG
INIA
INV
EST
ME
NT
MA
NA
GEM
ENT
BO
ARD
0,00
00%
0,00
00%
6.28
5
0,01
17%
0,01
49%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WH
EEL
S C
OM
MO
N IN
VES
TME
NT
FUN
D
0,00
00%
0,00
00%
660 0,00
12%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R C
OLL
ECT
IVE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
111
.636
0,20
75%
0,26
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R C
OLL
ECT
IVE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
60.4
24
0,11
23%
0,14
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LIA
LAI
NA
TIO
NA
L S
MA
CAP
GR
OW
WIL
M B
R IN
TER
LL
TH
FUN
D
0,00
00%
0,00
00%
135
.200
0,25
12%
0,31
98%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
DY
NA
MIC
CU
RRE
NCY
HE
DG
ED
INT
RNL
SM
ALL
CAP
0,00
00%
0,00
00%
762 0,00
14%
0,00
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DOM
TRE
E E
URO
PE
DIV
IDE
ND
GRO
WT
H F
UND
0,00
00%
0,00
00%
2.24
9
0,00
42%
0,00
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E H
EDG
ED
SM
ALL
CAP
EQ
UIT
Y F
UN
D
0,00
00%
0,00
00%
11.9
32
0,02
22%
0,02
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E L
OCA
L R
ECO
VER
Y F
UN
D
0,00
00%
0,00
00%
3.44
9
0,00
64%
0,00
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
ROP
E S
MA
LLC
AP
MT
REE
EU
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
119
.537
0,22
21%
0,28
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DOM
TRE
E IN
TER
NAT
ION
AL
HED
GED
DIV
IDE
ND
GRO
WT
H F
UND
0,00
00%
0,00
00%
14.3
17
0,02
66%
0,03
39%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DOM
TRE
E IN
TER
NAT
ION
AL Q
UAL
ITY
DIV
IDE
ND
GRO
WT
H F
UND
0,00
00%
0,00
00%
564 0,00
10%
0,00
13%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
ERN
ATI
ON
AL
SM
ALL
CAP
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
96.9
64
0,18
02%
0,22
94%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DOM
TL Q
GRO
TRE
E IN
UAL
ITY
DIV
IDE
ND
WT
H IN
DEX
ET
F
0,00
00%
0,00
00%
470 0,00
09%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DOM
TRE
E IN
TL Q
UAL
ITY
DVD
GR
OW
TH
VAR
IAB
LY H
EDG
ED
IND
EX
ETF
0,00
00%
0,00
00%
286 0,00
05%
0,00
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
ISS
UER
PU
BLI
C L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
58 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
ISS
UER
PU
BLI
C L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
2.29
6
0,00
43%
0,00
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PO
OL
- EQ
IES
UST
NO
. 72
WM
UIT
TR
0,00
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0,00
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21.6
33
0,04
02%
0,05
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WY
OM
ING
RE
TIR
EME
NT
SYS
TEM
0,00
00%
0,00
00%
33.6
79
0,06
26%
0,07
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TO
TAL
E
0
0,00
00%
0,00
00%
42.2
58.5
15
78,5
312
%
99,9
714
%
0 0,00
00%
0,00
00%
12.0
81
0,02
25%
0,02
86%
Applicable
Provisions

6
Report Structure
6
SECTION
I

Remuneration
and
incentive
policies
8
1. Bodies
and
individuals
involved
in
the
preparation,
approval
and
implementation
of
remuneration
policies

8
1.1 The
Shareholders'
Meeting
8
1.2 The
Board
of
Directors
8
1.3 The
Remuneration
Committee
9
Composition 10
Working method 10
Remuneration Committee Meetings 11
1.4 The
Chief
Executive
Officer

11
1.5 The
General
Manager
11
1.6 The
Control
Functions
12
1.7 Other
facilities
involved

12
1.8 Independent
experts
involved
in
preparing
the
remuneration
policy
12
2. Principles
and
purposes
of
the
remuneration
and
incentive
policies

13
2.1. Main
changes
from
the
previous
financial
year
13
3. Recipients
and
Contents
of
2018
Policies

14
Recipients of Policies and identification of key personnel 14
Conditions for accessing the variable component (gate) 15
Directors' Remuneration 15
Statutory Auditors Remuneration 16
Parent Company's Chief Executive Officer and General Manager's remuneration 16
Remuneration for Control Functions 17
Remuneration of other key personnel 18
Structure of variable component for key personnel 19
Malus condition 20
Claw back 20
Long Term Incentive 21
Ban on hedging strategies 21
Remuneration of Financial Agents 21
Other types of employee 22
Remuneration of non-employee contractors 22
4. Non-monetary
benefits
23
5. Severance
pay
provision
23
6. Implementation
of
Policies
in
subsidiaries
24
New company acquisition: Cap.Ital.Fin S.p.A………………………………………………………………24
SECTION
II
25
1. Part
One
25
1.1 Remuneration
entries
25
1.2 Further
information
on
the
consistency
of
fees
with
the
remuneration
policy
26
Executives (not included in the definition of executives with strategic responsibilities) 26
Middle Management and Professional Areas that hold commercial roles 27
Other Middle Management and Professional Areas 27
Other information 27
Group Companies 27
(a) IFIS FINANCE Sp.z o.o………………………………………………………………………………………………………………27
(b) INTERBANCA S.p.A., IFIS LEASING S.p.A., IFIS FACTORING S.r.l. and IFIS RENTAL SERVICES S.r.l28
2. Part
Two:
remuneration
paid
in
2017
29
Table 1:
remuneration
paid
to
members
of
the
administration
and
audit
control
bodies,
to
the
general
managers
and
to
the
other
executives
with
strategic
responsibilities
(figures
in
thousands
of
euros)
29
30
Other tables:
monetary
incentive
plans
for
members
of
the
administration
bodies,
to
general
managers
and
to
other
executives
with
strategic
responsibilities
31
TABLE 3A 31
TABLE 3B 32
other Schedule
relating
to
the
shareholdings
of
directors,
statutory
auditors,
the
general
manager
and
executives
with
strategic
responsibilities
33
Table 1: shareholdings of members of the administration and control bodies and the general managers
33
Table 2: shareholdings of other executives with strategic responsibilities 34
Other tables 35

Dear Shareholders,

pursuant to Article 123-ter of Italian Legislative Decree no. 58 of 24 February 1998 (TUF [Italian Consolidated Finance Act], hereafter "CFA/TUF"), you are called to decide for or against Section I of this report.

With this Report, Banca IFIS S.p.A.'s Board of Directors aims to comply with the requirements of Article 123-ter of CFA/TUF, banking industry regulations and the corporate governance rules contained in the Corporate Governance Code for listed companies, as specified below.

In light of the opportunity provided by Appendix 3A, Template no. 7-bis of the "Issuer Regulations", to comply, in a single document, with the requirements of Article 123-ter of CFA/TUF and with the Bank of Italy's Supervisory Provisions on remuneration, this report includes additional information, in aggregate form, on so-called "Risk Takers" not included within the scope of the above article of CFA/TUF.

Detailed information is also supplied regarding the contents of the "Information Document on Remuneration Plans Based on Financial Instruments" (pursuant to Article 114-bis of CFA/TUF and Article 84-bis of Consob's [Italian Financial Market Regulatory Authority] Issuer Regulations). The Remuneration Report and the "Information Document on Remuneration Plans Based on Financial Instruments" are available at http://www.bancaifis.it/Corporate-Governance/Assemblea-degli-Azionisti.

Information on the requirements of reporting to the public pursuant to the Supervisory Provisions for banks – Bank of Italy Circular no. 285 of 17 December 2013 – on corporate governance, can be found in the report on corporate governance and information about the ownership structures, which can be found at http://www.bancaifis.it/Corporate-Governance/Documenti-Societari.

INTRODUCTION

Applicable Provisions

The Remuneration Report (the "Report") was prepared by Banca IFIS Group (the "Group") in accordance with:

  • Article 123-ter of CFA/TUF, entitled "Remuneration Report";
  • Article 114-bis of CFA/TUF, entitled "Disclosure of information to the market on awards of financial instruments to corporate officers, employees or contractors";
  • Consob Regulation no. 11971/99 (Issuer Regulations), with particular reference to Articles 84-quater, entitled "Remuneration Report", and 84-bis, entitled "Information on awards of financial instruments to corporate officers, employees or contractors", as well as to Appendix 3A, Template no. 7-bis "Remuneration Report", of the Issuer Regulations and Template no. 7 "Information Document which is the subject of a management body explanatory report to the Shareholders' Meeting convened to approve plans involving remuneration based on financial instruments";
  • the provisions on "Remuneration and incentive policies and practices" issued by the Bank of Italy and included in its Circular no. 285 of 17 December 2013, implementing EU Directive 2013/36/EU (CRD IV).

This Report also considers European legislation regarding:

  • the delegated Regulation (EU) no. 604 of 4 March 2014 that establishes the regulatory technical standards regarding the qualitative and quantitative criteria used to identify the categories of staff whose professional activities have a significant impact on the entity's risk profile (Key personnel or Risk Takers);
  • Regulation (EU) no. 575 of 26 June 2013, with reference to the provisions concerning remuneration policies;
  • Directive 2013/36/EU of 26 June 2013 (CRD IV), on remuneration and incentive policies and practices in banks and banking groups.

The European Banking Authority (EBA) Guidelines on the internal governance of banks and investment businesses, the provisions contained in the "Corporate Governance Code" and Borsa Italiana S.p.A.'s format were also considered for the Report on Corporate Governance and Ownership Structure in accordance with Article 123-bis of CFA/TUF.

Report Structure

Based on the current provisions, as mentioned above, this Report is divided into the following sections:

Section I: aimed at illustrating the Company's remuneration policy for members of the management bodies, general managers and executives with strategic responsibilities, as well as for "Risk Takers" not falling within the scope of Article 123-ter of CFA/TUF, and the procedures used to adopt and implement this policy. This section describes the policy provided for 2018;

Section II, organised in two parts; the first aimed at showing each remuneration item with name for the members of the management and control bodies, the general managers and, in aggregate form, for executives with strategic responsibilities, as well as for "Risk Takers" not included within the scope of Article 123-ter of CFA/TUF. The second part shows a table of remuneration paid during 2017 or relating to it, for whatever reason and in whatever form by the Company and Subsidiaries or affiliates, as indicated by Appendix 3A, Template 7-bis of the Issuer Regulations. A table is then placed that shows the further information required under Article 450 of Regulation (EU) no. 575 of 26 June 2013 for Banca IFIS and other Group companies.

For incentive plans based on financial instruments, detailed information is contained in the Information Document on Remuneration Plans Based on Financial Instruments.

SECTION I – Remuneration and incentive policies

1. Bodies and individuals involved in the preparation, approval and implementation of remuneration policies

The main Parent Company bodies and personnel involved in the preparation and approval of remuneration and incentive policies are:

  • the Shareholders' Meeting;
  • the Board of Directors;
  • the Remuneration Committee;
  • the CEO;
  • the General Manager;
  • the Control Functions;
  • Human Resources;
  • Strategic Planning and Management Control.

The role of these members of personnel is described in the Articles of Association and/or in the corporate regulations as specified below.

1.1 The Shareholders' Meeting

The Ordinary Shareholders' Meeting, in accordance with Article 10 of the Articles of Association, "in addition to establishing the remuneration of the bodies it has appointed, approves:

  • the remuneration and incentive policies for the Board of Directors, the CEO, the Board of Statutory Auditors, the General Manager and the remaining personnel;
  • any remuneration plans based on financial instruments;
  • the criteria for determining the remuneration to be agreed in the event of early termination of the employment relationship or early termination of office, including the limits established for remuneration in terms of annual instalments of fixed remuneration and the maximum amount that may result from their application".

Pursuant to the same article, the Shareholders' Meeting may also:

  • establish, pursuant to Article 2389 of the Italian Civil Code, remuneration for members of the Board of Directors;
  • determine a total amount of remuneration for all Directors, including those assigned specific tasks.

1.2 The Board of Directors

The Board of Directors, according to the provisions of Article 14 of the Articles of Association, has exclusive jurisdiction over resolutions concerning "nomination, revocation and financial remuneration of members of General Management" and "remuneration and incentive policies to be submitted to the Shareholders' Meeting, the review, at least annually, of these policies and the responsibility for their correct implementation, also with the task of ensuring that the remuneration policy is adequately documented and accessible within the corporate structure".

In addition, pursuant to Article 10 of the Articles of Association, the Board of Directors, with the favourable opinion of the Board of Statutory Auditors, may also determine the remuneration of Directors assigned special tasks.

At the preliminary stage, the Board uses its own internal committee (Remuneration Committee) as specified below.

1.3 The Remuneration Committee

The Remuneration Committee is an internal committee within the Parent Company's Board of Directors and provides support functions to the Board of Directors in defining the Group's remuneration and incentive policies. Specifically, in accordance with the relevant Regulations, the Committee:

  • provides advice and formulates proposals to the Parent Company's Board of Directors on the remuneration and incentivisation of corporate officers (including executive directors and other directors assigned specific tasks), of executives with strategic responsibilities and of the heads of the Parent Company's internal control departments and other Group companies, as well as establishes performance goals related to the variable component of remuneration;
  • provides advice on determining the remuneration criteria for the remaining "key personnel" identified within the Parent Company and other Group companies in compliance with current supervisory regulations;
  • directly oversees the correct application of the remuneration rules for managers of the Parent Company's and other Group companies' internal control functions, in close collaboration with the Board of Statutory Auditors;
  • prepares documentation to be submitted to the Parent Company's Board of Directors for its decisions;
  • collaborates with other committees within the Board of Directors, in particular with the Risk Management and Internal Control Committee, where the two committees are not already identically comprised or made up of a number of the same members;
  • ensures the Parent Company's Internal Audit, Human Resources, Strategic Planning, Risk Management and Compliance units are involved in the process of preparing and monitoring the Group's remuneration policies and practices;
  • monitors implementation of the decisions adopted by the Parent Company's Board of Directors and those of other Group companies regarding remuneration and voicing opinion, using information received from corporate facilities, on reaching performance targets linked to incentive plans and on establishing other remuneration conditions;
  • formulates proposals to the Parent Company's Board of Directors regarding the criteria for allocating share options or shares to Directors and Group employees;
  • regarding the latter, if possible, provides interpretation on controversial cases and rectifying the allocation conditions of each tranche as well as regulating the exercise of emerging rights for any transactions of an extraordinary nature on the Parent Company's capital (mergers, issue of shares for cash or other consideration, or as scrip issues, fractioning or grouping of shares, etc.).

Pursuant to the above Regulations, the President of the Committee reports to the Board of Directors on the activities carried out, at the Board's next appropriate meeting. The Committee also assesses, at least annually, the adequacy, overall consistency and effective application of the Group's remuneration policies, and reports to the Parent Company's Shareholders' Meeting on the activities carried out.

Composition

The Remuneration Committee is made up of three members chosen from among the non-executive members of the Parent Company's Board of Directors, the majority of whom are independent. As approved by the Board of Directors at its meeting of 22 March 2016, the members of the Committee are:

  • Francesca Maderna (Non-Executive and Independent Director);
  • Daniele Santosuosso (Non-Executive and Independent Director);
  • Riccardo Preve (Non-Executive and Non-Independent Director).

The Remuneration Committee is chaired by Francesca Maderna.

Working method

The Remuneration Committee is appointed for three years and meets periodically, including by video link/telephone, whenever the need arises in relation to the tasks assigned to it.

If one or more members of the Committee are no longer in office, the Board of Directors may appoint new ones and/or replace these members.

As established by current Regulations, the President of the Parent Company's Board of Statutory Auditors, or another standing Statutory Auditor delegated by them on a case-by-case basis, attends Committee meetings. Other members of the Board of Statutory Auditors may attend, as may, where issues affecting them are not on the agenda, the Parent Company's CEO and General Manager. It is also established that no Director may attend meetings of the Committee in which proposals are formulated for submission to the Board of Directors regarding their own remuneration.

The President of the Committee assesses, in relation to the matters to be discussed, the need to involve the Head of Risk Management to ensure that the incentive schemes are properly adjusted to take account of all the risks assumed by the Group, according to methods that are consistent with those adopted for risk management for regulatory and internal purposes.

The Committee may avail itself and/or request the presence of:

  • external consultants, who have expert knowledge of remuneration policies, who may also be chosen from among the members of the Parent Company's Board of Directors, provided that these experts do not, at the same time, provide Human Resources, Executive Directors or executives with strategic responsibilities of the Parent Company and/or of the other companies of the Group with services of such significance as to compromise the consultants' independent judgement;
  • any corporate officer or employee of the Parent Company or of another Group company.

The Committee may access all company information deemed relevant for the performance of its tasks and may use, autonomously, the Bank's financial resources in the amount established by the Board and with the requirement of reporting the use of funds, at least once a year, usually during the review of the Report on Corporate Governance and Ownership Structures.

Committee meetings are properly minuted and signed by the Members.

Remuneration Committee Meetings

In 2017, the Committee met eight times. The meetings were preceded by discussion among the members and/or by prior individual examination of documentation. The average duration of a meeting was around an hour. The Committee did not use external consultancy services.

In 2017, the members of the Committee took part in all eight meetings held.

The CEO attended the meetings where issues not pertaining to him were due to be discussed. The President of the Board of Statutory Auditors also attended most meetings and, on more occasions, other standing Auditors also attended.

During these meetings, the Committee gave its opinion in relation to:

  • incentive schemes applied to various business units of the Bank and the Group;
  • information on the remuneration of "key personnel";
  • implementation of the remuneration policies approved by the Shareholders' Meeting;
  • incentive systems to be used in 2017;
  • employee healthcare policies;
  • allocation to the CEO and General Manager of variable remuneration deriving from 2016 results;
  • remuneration for executives with strategic responsibility and heads of internal control functions;
  • the key personnel self-assessment process.

During 2017, there was no need to make specific financial resources available to the Committee for the performance of its duties.

1.4 The Chief Executive Officer

The CEO, as defined pursuant to Article 15 of the Articles of Association, is responsible for implementing strategic direction and business management, and makes use of General Management.

Regarding personnel management, the CEO is responsible for:

  • defining and implementing the Group's employee management process;
  • approving the employees budget, in line with the organisational structure approved by the Board of Directors; in this regard, the CEO ensures that current and future professional/profile needs are measured and are consistent with strategic choices.

1.5 The General Manager

As per Article 17 of the Articles of Association, the General Manager implements the CEO's management directives and assists the CEO in carrying out the Board of Directors' resolutions.

Therefore, the General Manager also has the task of making recommendations to the CEO on the contents of the employee management process.

1.6 The Control Functions

The control functions work together, each within their respective jurisdiction, to ensure the remuneration and incentive policies are adequate and comply with current legislation and that they operate correctly.

In particular:

  • Compliance verifies, among other aspects, that the company remuneration system meets the objectives of complying with regulations, the Articles of Association, as well as any ethical codes and/or other standards of conduct applicable to the Group, so that the related legal and reputational risks are properly contained especially in relationships with customers;
  • Internal Audit checks, at least annually, that remuneration practices comply with the approved policies and with legislation and regulatory provisions. The results and any abnormalities identified are brought to the attention of the bodies and functions responsible for possible corrective measures and assessment of significance with a view to prompt disclosure to the Bank of Italy. Every year, the results of the checks carried out are brought before the Shareholders' Meeting;
  • Risk Management works with the Remuneration Committee to ensure that the forms of incentive remuneration are consistent with the risk appetite (for example with the Risk Appetite Framework) and with governance and risk management policies and that they take into account the level of capital and liquidity necessary to carry out planned activities. It also supports Financial Officing to determine, after approval of the financial statements by the Shareholders' Meeting, the amount of variable remuneration attributable to the CEO, the General Manager and additional potential beneficiaries of remuneration based on financial instruments, as well as to check the conditions for their attribution.

1.7 Other facilities involved

Other Parent Company facilities involved in the preparation and implementation of the remuneration policy, also in reference to subsidiaries, are:

  • Human Resources;
  • Strategic Planning and Management Control.

1.8 Independent experts involved in preparing the remuneration policy

No independent experts were involved in the preparation of the remuneration policy.

2. Principles and purposes of the remuneration and incentive policies

The Parent Company, in exercising its management and administration powers, defines this Group remuneration and incentive policy in accordance with the characteristics of the Group and each of its subsidiaries and in compliance with current legislation and regulatory provisions. In defining Banca IFIS Group's remuneration policy, the remuneration policies of other companies were not used as a reference.

The remuneration and incentive policies are defined by the Parent Company in accordance with corporate objectives and values, with long-term strategies and with prudent risk management policies, in line with what is defined in the provisions on the prudential control process.

Banca IFIS Group's remuneration and incentive system is based on the following principles:

  • promoting sound and effective risk management, not encouraging risk-taking that exceeds the level of tolerated risk;
  • fostering the Group's competitiveness and good governance;
  • attracting and retaining within the company employees with the professionalism and skills that are appropriate to the needs of the Group, particularly where these workers hold key roles within the organisation;
  • promoting compliance with all legislation and regulations, as well as promoting transparency and fairness in dealings with customers, discouraging any infringement and/or unfair business practice;
  • ensuring company performance is consistent with the Group's sustainable growth objectives;
  • seeking the best alignment between the interests of different stakeholders;
  • focusing attention on risk containment policies;
  • avoiding altering or undermining the risk alignment effects embedded in the remuneration mechanisms;
  • avoiding creating conflicts of interest.

A base fixed remuneration is set out for all employees that reflects their professional experience and their role, the market value of the role and the collective bargaining agreement in force. This component is sufficient for a variable part not to be paid.

For key personnel, it is also established that any interventions on the fixed component may not exceed an increase of 20% compared to the previous year's gross annual salary. In consideration of the particular complexity of extraordinary corporate operations, some key personnel may receive a Role Based Allowance for a maximum 18-month period. This allowance, which is configured as a predefined sum, not tied to performance, on proposal from the Chief Executive Officer, must be approved by the Board of Directors, after approval from the Remuneration Committee, and subsequently communicated to the interested parties by individual letter.

2.1. Main changes from the previous financial year

Policy reviews allow the Bank to identify whether or not remuneration systems are in line with the values, strategies and long-term business objectives, linked to company results, appropriately corrected to take account of all risks, consistent with the levels of capital and liquidity necessary to deal with the activities undertaken and, in any case, to avoid distorted incentives that may lead to regulatory breaches or excessive risk-taking to the Bank and the financial system as a whole.

To this end, the conditions for accessing the variable component (gate) applying to all staff were amended, taking into account indicators of profitability, liquidity and capital adequacy.

The following should be noted: the increase in the Group's consolidated result, from € 60,000,000 to € 80,000,000, for all Personnel including the CEO and General Manager, and the introduction of the Net Stable Funding Ratio (NSFR) parameter, introduced by Basel 3, that is aimed at guaranteeing a balance between asset and liability entries in the financial statement in the time horizon beyond the year which will be identified punctually every quarter to check if it exceeds the regulatory threshold. In addition, the Group's Liquidity Coverage Ratio (LCR) indicator will be identified quarterly to check whether it exceeds the regulatory threshold for all four quarterly surveys.

3. Recipients and Contents of 2018 Policies

Recipients of Policies and identification of key personnel

Remuneration and incentive policies are defined for all Group personnel1 , without prejudice to more detailed requirements for members of staff that have a substantial impact on the Group's risk profile (key personnel). These individuals are regularly identified by the Parent Company, in respect of all Group companies and taking into account the results of assessments carried out by all individual Group companies affected, taking into account these criteria:

  • qualitative and quantitative criteria, expressly defined by Delegated Regulation (EU) no. 604/2014;
  • further criteria, established by the Parent Company to pay particular attention to the Bank of Italy's Supervisory Provisions on "the heads of major business lines, corporate functions or geographical areas; those who report directly to strategic supervision, management and control bodies; senior managers and senior staff of company control bodies" 2 in addition to particular categories of staff such as "financial and insurance agents and financial advisors with external distribution networks" 3 .

From the self-assessment process for Group key personnel, led by Human Resources with the support of Compliance and Risk Management and approved by the Board of Directors on 19 January 2018, following the favourable opinion of the Remuneration Committee on the same date, 47 individuals fall within the category of Group key personnel, grouped into the following categories:

President of the Board of
Directors
General Manager Heads of Business Units
Vice President Executives with strategic
responsibilities of control functions
Heads of key Operational Units
Non-Executive Directors Executives with strategic
responsibilities of key Business Units
Heads of Risk Management facilities

1 This means members of strategic supervision, management and control bodies, the Parent Company's employees and contractors, and those of its subsidiaries.

2 See Bank of Italy Circular no. 285/2013, Part I, Title IV, Chapter 2, Section II, Paragraph 2.

3 See Bank of Italy Circular no. 285/2013, Part I, Title IV, Chapter 2, Section IV.

The Group's key personnel accounts for about 3.19% of its workforce.

Any key personal, identified on an individual basis by each subsidiary, and not considered as such by the Group, will follow the same rules set out in the remuneration and incentive policies according to the category to which they belong.

Conditions for accessing the variable component (gate)

Access to the variable component of remuneration for all Personnel is subject to:

  • the Group's consolidated result, before taxes for the financial year, being greater than € 80 million4 ;
  • compliance with the minimum regulatory limit in force for the Group's Liquidity Coverage Ratio (LCR) indicator identified on a quarterly basis in the reference year;
  • compliance with the minimum regulatory limit in force for the Group's Net Stable Funding Ratio indicator identified quarterly in the reference year;
  • the Total Capital Ratio exceeding the Overall Capital Requirement communicated by the Supervisory Body under the "Decisions on capital" at the conclusion of the periodic supervisory review process (SREP).

If any one of these parameters is not met, the variable component will not be paid.

The variable component will also be recognised on condition that the beneficiary is still in post/employed by the Group and not serving a period of notice for resignation or termination at the moment of payment; an exception to this would be for pension contributions. Payment of a variable component will also be suspended where the Bank has instigated disciplinary proceedings for fraud or gross negligence or for acts that may lead to the individual's dismissal by just cause.

Directors' Remuneration

Regarding the Board of Directors currently in office, the Shareholders' Meeting of 22 March 2016:

  • resolved to attribute to individual members, for the post of Director, fixed remuneration for each of the years 2016, 2017 and 2018, in addition to reimbursement of expenses incurred in their duties;
  • resolved to give all Directors, except the President, Vice President and the CEO, an attendance fee for each meeting of the Board of Directors;
  • requested the Board of Directors to determine additional remuneration for Directors assigned special tasks in accordance with Article 2389 of the Italian Civil Code for each of the years 2016, 2017 and 2018, also considering, where appropriate, company results, subject to a total amount calculated for each financial year, understood as including all fees awarded to members of the Board.

There are no incentive mechanisms for Non-Executive Directors, including the President.

4 Elements that derive from extraordinary transactions will be disregarded from calculations, such as capital gains, corporate mergers, splits, acquisitions or any other non-recurring operation that the Board of Directors may decide on and that is likely to change the value of the indicator.

For subsidiaries, their respective Shareholders' Meetings resolved that members of the strategic supervisory bodies who fulfil other roles within the Group as employees will not receive any compensation for their role on the Board of Directors.

Statutory Auditors Remuneration

Regarding the Board of Auditors, the Shareholders' Meeting of 22 March 2016:

  • agreed to pay the President and the two Standing Auditors a fixed annual fee, as well as reimbursing expenses sustained in the performance of their duties;
  • agreed to pay all Standing Auditors a fee for every Board of Directors' meeting attended.

No incentive mechanisms are available for members of the Board of Auditors and there is no form of variable remuneration.

For subsidiaries, their respective Shareholders' Meetings voted to give the President and the two Standing Auditors a fixed annual fee, as well as reimbursement of expenses.

Parent Company's Chief Executive Officer and General Manager's remuneration

The CEO's remuneration includes, in addition to a fixed recurring fee, a variable component of 1.5% (the percentage) of the Bank's consolidated result before taxes for the financial year, for the part exceeding € 80m5 , which, in turn, represents the relationship between the Group's final balance sheet6 RORAC7 (return on risk adjusted capital) and the Group's forecasted RORAC8 , shown at formula (A):

$$
Variable = 1.5\% \times (Profit Before TaxesFin.Year. - 80,000,000) \times \frac{Actual RORAC}{Forecasted RORAC}
$$
(A)

The ratio of variable component to fixed component may not exceed a maximum of 1:1.

The General Manager's remuneration consists of a gross annual salary and a variable component of remuneration equal to 0.75% (the percentage) of the Bank's consolidated result before taxes for the financial year, for the part exceeding € 80m, which represents the ratio between the Group's final balance sheet9 RORAC10 (return on risk adjusted capital) and the Group future RORAC11 , shown at formula (B):

Variable = 0.75 %
$$
\times
$$
(Profit Before TaxesFin.Year. - 80,000,000] $\times \frac{Actual RORAC}{Forecasted RORAC}$ (B)

5 Elements that derive from extraordinary transactions will be disregarded from calculations, such as capital gains, corporate mergers, splits, acquisitions or any other non-recurring operation that the Board of Directors may decide on and that is likely to change the value of the indicator.

6 The reference period is the same as for the objective RORAC (ex-ante measurement).

7 Indicator calculated as the ratio between Net Profit for the period and Capital Absorbed for first pillar risks. Elements that derive from extraordinary transactions will be disregarded from calculations, such as capital gains, corporate mergers, splits, acquisitions or any other non-recurring operation that the Board of Directors may decide on and that is likely to change the value of the indicator.

8 Defined in the latest approved strategic plan.

9 See note 6.

10 See note 7.

11 See note 8.

The ratio of the variable component to fixed component may not exceed 60% of the gross annual salary.

Remuneration for Control Functions

The remuneration package for key personnel belonging to the control function (Risk Manager, Compliance, Internal Audit, Anti-Money Laundering, Human Resources and Financial Reporting Officer) is made up of a predominantly fixed component and a variable part which is attributed annually based on quality and efficiency criteria.

During recruitment, subject to consultation with and proposal by the Remuneration Committee, determination of remuneration is the responsibility of:

  • the Board of Directors for the key personnel of the control functions that work for it or for the Chief Executive Officer. For operational fluidity requirements, the Board of Directors, when analysing possible candidates, in consultation with the Remuneration Committee, may delegate negotiation to the CEO, indicating the reference parameters. After formalisation, the CEO informs the Committee and the Board;
  • the CEO for the remaining control function key personnel (currently Head of HR). Following definition, the CEO informs the Committee and the Board.

At least annually, the Remuneration Committee analyses individual positions and, in consultation with the CEO and the General Manager, regarding the Heads of Control Functions, expresses its opinion and formulates proposals to the Board of Directors.

The variable component is subject to prior quality evaluation that can be expressed on a scale of five levels of judgment and includes information on the following objectives:

  • managing assigned projects and quality of service provided;
  • management and development of assigned personnel;
  • care and prevention of the risks inherent in their own areas of responsibility;
  • management and administration of assigned tasks.

Each grading equates to a percentage of variable component to be allocated according to the following scale:

Excellent Good Average Below Average Unsatisfactory
100% of premium 80% of premium 50% of premium 0% 0%

up to the maximum ratio between the fixed and variable components which, for the most outstanding business function staff, cannot exceed the ratio of 1:3.

Subject to the conditions to access the variable component (gate), depending on the goals of corporate sustainability, incentive mechanisms linked to the performance of both Banca IFIS and the Group as a whole are excluded from determining the remuneration of key personnel belonging to control functions.

Remuneration of other key personnel

Remuneration for remaining key personnel is made up of a gross annual salary and a variable component defined in advance for each individual, in relation to their role, based on predefined criteria and on three pillars:

  • a qualitative performance assessment carried out jointly by the CEO and the General Manager;
  • reaching a determined level of corporate cost/income ratio;
  • reaching specific economic, commercial and operating objectives and satisfying internal and external customers inclusive of corrective risk measures (MBO – Management by Objectives).

The limit on the ratio between the variable and fixed components of the previous year has been defined, and the amount of maximum theoretical variable component will be determined as per the following table:

Facilities No. of Heads % max variable
on previous
year's gross
annual salary
Senior
Management
Assessment
Cost/income
ratio
MBO
Executives with strategic
responsibilities for key Business
Units
1 60% 20% 20% 60%
Business Units 12 80% 20% 20% 60%
Risk Management Unit 8 50% 30% 20% 50%
Key Operational Units 1 50% 40% 20% 40%
Service, Consultancy and
Support Units
9 50% 50% 20% 30%

To implement the management process shown above, relevant company Regulations were issued, aimed at managing the system as it has been designed.

The Remuneration Committee has a consultative role in determining the remuneration criteria that are subject to annual examination by the Board of Directors.

Subsequent work on fixed and/or variable remuneration is defined by the CEO under the criteria specified below. At least annually, the CEO informs the Remuneration Committee on the decisions taken.

Structure of variable component for key personnel

The structure of the variable component of remuneration must be compatible with the risk analysis undertaken by the Banking Group and to be sustainable must be compatible with the levels of capital and liquidity in the medium- and long-term.

The variable component may not exceed a 1:1 ratio compared to the fixed component and is determined when the financial statement to 31 December of the previous year is approved.

  • A) The portion of deferred variable compensation is 40% and is paid in this manner:
  • 50% in Banca IFIS S.p.A. shares which will be allocated after the three-year vesting12 period expires and which will be exercisable at the end of further one-year retention13 period set out for shares;
  • the remaining 50% of the variable component of remuneration subject to differing timescales will instead be paid in cash at the end of the three-year period and are subject to annual reassessment at the current legal rate.
  • B) The variable component of remuneration not subject to differing timescales (the remaining 60% – up-front) will instead be paid:
  • 50% in cash;
  • and the remaining 50% in Parent Company shares which will be exercisable at the end of the three-year retention14 period set out for the shares, in line with the strategic planning horizon.

The number of shares to be allocated is determined by taking the average market price in the month preceding the determination of variable component as being the share's fair value, to be carried out on the date of the Shareholders' Meeting to approve the financial statement. The number of shares is determined by rounding to the nearest integer.

In line with best market practices, it is appropriate to apply the same rules for deferment and partial payment in Bank treasury shares where the variable remuneration is greater than € 70,000 (materiality threshold).

12 Period after which shares may be allocated.

13 Period during which the sale of shares is prohibited.

14 See note 13.

Malus condition

The deferred variable component is subject to the following malus mechanisms, which reduce the amount until it reaches zero, ex-post, the amount previously determined, according to the criteria listed in the following table (C).

Group Consolidated Total Capital Ratio15
< 11.38% 11.38%< <12.38% 12.38%< 13.38% >13.38%
≥ 15% -100.0% --- --- ---
Group
RORAC
10.5%< < 15% -100.0% -30.0% -20.0% -10.0%
< 10.5% -100.0% -40.0% -30.0% -20.0%
(C)

The deferred variable component is also cancelled if the individual causes or contributes to causing:

  • a significant annual loss for the Group (losses equal to or exceeding 5% of net assets);
  • violations of the obligations imposed under Article 26 or, when the individual is an interested party, under Article 53, paragraphs 4 et seq., of the CBA/TUB [Italian Consolidated Banking Act/Testo Unico Bancario] or of obligations regarding remuneration and incentive schemes;
  • fraudulent conduct or gross negligence causing damage to the Group;

or also where:

▪ the Shareholders' Meeting has decided to revoke an office for just cause, that is, the Board of Directors has decided to terminate the employment contract for just cause.

The above-mentioned criteria are audited in each of the three financial years16 following determination of the variable component (accrual period) and are applied when the above conditions are met, taking into consideration the lower result recorded in the reference period.

Claw back

The Group reserves the right to use whatever means it deems suitable for the restitution of the variable component recognised and/or paid to key personnel where the individual has caused or has contributed to causing:

  • a significant annual loss for the Group17 (losses equal to or exceeding 5% of net assets);
  • violations of the obligations imposed under Article 26 or, when the individual is an interested party, under Article 53, paragraphs 4 et seq., of CBA/TUB or obligations regarding remuneration and incentive schemes;
  • fraudulent conduct or gross negligence causing damage to the Group;

15 EU Regulation no. 575/2013 (CRR) and Directive 2013/36/EU (CRD IV).

16 If one of these conditions is met in at least one of the three years of observation (accrual period), the corrective mechanisms listed in the table will be applied.

17 Elements that derive from extraordinary transactions will be disregarded from calculations, such as capital gains, corporate mergers, splits, acquisitions or any other non-recurring operation that the Board of Directors may decide on and that is likely to change the value of the indicator.

or also where a consolidated Total Capital Ratio18 is lower than the Overall Capital Requirement communicated by the Supervisory Body under the "Decisions on capital" at the conclusion of the supervisory review process (SREP).

Also where these criteria have occurred in each of the three closed financial years19 (accrual period) following determination of the variable component and applied on occurrence of the above conditions.

Long Term Incentive

For Heads of business units with more than € 20m gross budget profit in the 2018 financial year, an incentive can be considered that rewards consistent excellent performance over time.

Essentially, if, during the three-year period 2018-2020 (accrual period), the average profitability results per risk achieved by business units is at least 90% of the budgeted figure, as at formula (D):

3 year
$$
\sum_{t=1}^{3 \text{ year}} \frac{1}{3} \frac{Actual \, BURORAC_t}{BURORAC_t} \ge 90\%
$$
(D)

subject to whether the minimum threshold of 80% of annual budget objectives has been exceeded, the CEO, in conjunction with the General Manager, will assess the quality of the Manager's work, which, if positive, will trigger the payment of an incentive, defined ex-ante, which will not exceed 60% of the Manager's gross annual salary for 2020, and will not exceed the maximum ratio of 1:1 between fixed and variable components, whose value will be paid in Parent Company shares with a one-year retention period.

Ban on hedging strategies

It is strictly forbidden for individual employees to carry out hedging strategies on remuneration or on other aspects that may alter or invalidate its alignment effects with the business risk inherent in the remuneration mechanisms envisaged.

Remuneration of Financial Agents

Within the category of employees not subject to employment contracts, particular importance is attached to Financial Agents. The Group uses an external network for recovery, both in and out of Court, of distressed loans and a network of agents for promoting leasing products.

The remuneration of individuals involved in the recovery of distressed loans, both in and out of Court, is contractually defined as comprising a non-recurring component determined ex-ante with an incentivising value, and a recurring component.

Furthermore, in accordance with the Bank of Italy's Supervisory Provisions:

▪ the total amount of the "non-recurring" component awarded to agents (the Bonus Pool) is linked to the Bank's liquidity and financial circumstances identified annually in the remuneration report (gate);

18 EU Regulation no. 575/2013 (CRR) and Directive 2013/36/EU (CRD IV).

19 If one of these conditions is met in at least one of the three years of observation (accrual period), the corrective mechanisms listed in the table will be applied.

▪ criteria have been identified for the ex-post correction of "non-recurring" remuneration for each individual based on indicators deemed appropriate to: reflect the fulfilment of assigned tasks, compliance with internal and external regulations, correctness of behaviour, especially with customers; to contain legal and reputational risks to which the Group or Group companies may be exposed; to promote compliance with legislation and regulatory provisions and to ensure the protection and loyalty of customers.

Financial agents used by subsidiaries are remunerated in accordance with regulatory requirements for the financial intermediaries sector which are governed by Article 106 of CBA/TUB. In light of the upcoming merger of the subsidiary, IFIS Leasing S.p.A., to incorporate it into the Parent Company, the remuneration policies for agents used by this business will be reviewed20 .

It should be noted that none of the agents were selected from among key personnel.

Other types of employee

For remaining employees, as part of the annual assessment outlined by the collective bargaining agreement, the CEO and/or General Management may provide non-regulated one-off payments up to a maximum of three months' salary for each individual. This premium, except where set out by the access conditions (gate) described above, is aimed at rewarding excellent performance and/or particular or evident quality.

The variable remuneration system for the sales network is defined by the CEO, discussed with the Remuneration Committee, and communicated to the Board of Directors.

These are diversified systems of variable remuneration for people who actively create income or acquire new customers and their managers/coordinators. They must be financially sustainable and reward merit in the creation of long-lasting economic value.

Except for what is outlined in the reference national collective bargaining agreement, the Parent Company's Board of Directors reserve the right to consider paying a premium to its employees, determining its amount and criteria.

Remuneration of non-employee contractors

The Group may also use non-employee contractors whose relationships can largely be grouped into two contractual forms:

▪ consultancy contracts;

▪ quasi-self-employed contracts.

For consultancy contracts, appointments can be awarded individually outlining the type of consultancy activity, the fee (or the criteria for determining it) and its method of payment. The remuneration for these types of contract is determined in close connection with the profit derived from the work done by those providing services, considering the professionalism of the contractor, the complexity of the service and the target market rates.

20 "Individual group companies remain in any case responsible for compliance with the legislation and regulatory provisions directly applicable to them and for the correct implementation of guidelines provided by the Parent Company", PRG 8 Title IV-Chapter 2 Section I-Supervisory Provisions for Banks, 7th Update of Bank of Italy Circular no. 285/2013.

4. Non-monetary benefits

Employees may receive some benefits, graded in relation to the business role and/or for service reasons, reflecting: healthcare policy, professional and extra-professional personal accident insurance, company car, official accommodation. To this end, it should be noted that following the company merger that occurred during 2017, a non-monetary benefit harmonisation process has begun, which has been partly completed with agreement of the auditors on 28 July 2017.

The attribution is summarised as follows: healthcare policy, professional and extra-professional personal accident insurance, permanent disability insurance, luncheon vouchers (for all employees – except some executives due to historical conditions not yet harmonised – with amounts ranging from € 5.29 to € 7.40), company car (recognised for some individuals based on current internal Policy), company contributions to supplementary social security/pension plans (recognised for all employees, with permanent employment contracts, with percentages that vary from 1.5% to 4% calculated on gross annual salary and/or based on profit remuneration for TFR [severance indemnity] purposes, except for some previously acquired contracts).

The above benefits, since they apply to all employees, are not considered discretional.

5. Severance pay provision

Group companies do not enter into agreements that govern ex-ante the possible early termination of employment relationships by the Company (Golden Parachutes), including cases of early termination of employment or where a contract is not renewed. The following are not considered parachutes: payments and disbursements due under law and by collective agreement provisions or based on transactions carried out under and within the limits of the above contractual and legislative provisions in order to avoid the risk of justifiable legal action. If these payments are recognised, due consideration will be given to: the employee's performance in previous years, the business reasons that lead to the termination of the employment relationship, length of service, age, the financial impact that this compensation may have on the Banking Group's balance sheet and liquidity, as well as current and future risk. In determining the amount to be paid, in addition to the contractually agreed notice or related payments in lieu, the Group will take into account any additional compensation whose total monthly payments are included within the maximum limit set by the banking sector's collective bargaining agreement.

The above payments are also subject to the above claw back conditions to be checked in each of the three closed financial years21 following payment (accrual period).

21 If these conditions are met in at least one of the three years of observation (accrual period), the corrective mechanisms listed in the table will be applied.

6. Implementation of Policies in subsidiaries

This document on remuneration and incentive policies drawn up by the Parent Company applies to all subsidiaries, therefore they are not required to draft their own documents on these subjects.

Each subsidiary company, in line with guidelines supplied periodically by the Parent Company, submits this document or an extract from it to its own strategic supervisory body. This body is responsible for its proper implementation in the subsidiary and will ensure that this remuneration and incentive policy is adequately documented and accessible within the corporate structure.

New company acquisition: Cap.Ital.Fin S.p.A.

100% of Cap.Ital.Fin S.p.A. was acquired by Banca IFIS S.p.A. in February 2018. This is a company specialising in repayable funding through salary-backed loans and deductible at source loans for pensioners, private, public and state employees operating throughout Italy. The related remuneration policy and incentive plans will be harmonised during 2018 in line with the Parent Company's principles and guidelines.

SECTION II

1. Part One

1.1 Remuneration entries

For Directors, Statutory Auditors, members of the Risk Committee, Nominations Committee, Remuneration Committee and Supervisory Body, the following details are provided on remuneration entries which, for 2017, are summarised in Table 1 below.

Fixed Remuneration is shown separately in its own column, separated by role and, where necessary, reporting the following amounts at the effective date of appointment:

  • in the relevant section, fees for for the role of Director are € 25,000 per member of the Board of Directors, € 105,000 for the President of the Board of Statutory Auditors, € 70,000 per Standing Auditor, as per the resolution adopted by the Shareholders' Meeting of 22 March 2016;
  • in the relevant section, the total for attendance fees paid to Directors and Auditors, according to the rules established by the Shareholders' Meeting of 22 March 2016, for participation in meetings of the Board of Directors during 2017;
  • in the relevant section, the amount for lump sum expenses incurred in their role as Directors and Statutory Auditors;
  • in the relevant section, fees for specific roles approved by the Board of Directors pursuant to Article 2389 of the Italian Civil Code for the President, Vice President and CEO;
  • finally, in the section fixed remuneration from employment, annual remuneration is indicated for the General Manager and other employees who, during the financial year, have held, even for part of the year, a position as executive with strategic responsibility, shown gross of social security and tax deductions borne by the employee, excluding the required collective social security charges paid by the company and the severance pay provision.

The Committee Attendance Fees column lists the fees, where necessary reported at the effective date of appointment, assigned to other directors assigned special tasks and established by the Board of Directors on 22 March 2016. The amounts are as follows:

  • o the President of the Risk Management and Internal Control Committee, fixed annual fee for this role of € 75,000;
  • o for the other members of Risk Management and Internal Control Committee, a fixed annual fee for this role of € 45,000;
  • o for members of the Remuneration Committee, a fixed annual fee for this role of € 5,000;
  • o for members of the Appointments Committee, a fixed annual fee for this role of € 5,000;
  • o for the President of the Supervisory Body pursuant to Italian Legislative Decree 231/2001, a fixed annual fee for this role of € 25,000;
  • o for the other directors who make up the Supervisory Body pursuant to Italian Legislative Decree 231/2001, a fixed annual fee for the role of € 10,000.

The variable portion of the CEO's and General Manager's remuneration accrued in relation to the profit for the year 2017 is indicated in the Profit sharing section of the Non-equity variable remuneration column and payment is conditional upon the conditions established in the remuneration policy being met.

Bonuses and other incentives earned, for 2017, by executives with strategic responsibilities are shown in the Bonuses and other incentives section of the Non-equity variable remuneration column. That section includes the "corporate award" for the General Manager and other executives with strategic responsibility. This award was established by the current collective bargaining agreement and approved by the Board of Directors for employees at its meeting of 28 November 2016, despite the absence of a supplementary company agreement.

The Non-monetary benefits column shows the value of the following fringe benefits, generally according to tax liability:

  • healthcare policy (for all employees with a permanent employment contract, with some exceptions attributable to historical contractual situations);
  • professional and extra-professional personal accident insurance;
  • life insurance policy (recognised exclusively for executives of Banca IFIS S.p.A., and for employees of all subsidiary companies for whom this right already existed);
  • permanent disability policy recognised exclusively for subsidiary companies employees for whom this right already existed;
  • luncheon vouchers (for all employees, varying from € 5.29 to € 7.40);
  • company cars (for some individuals based on current internal policies);
  • corporate contributions to supplementary pension provision (for all permanent employees, with percentages varying from 1.5% to 4% of gross annual salary and/or based on share remuneration for severance pay purposes, subject to certain historical contractual situations);
  • official accommodation (for 16 members of personnel during the financial year).

For Executives with strategic responsibility identified for 2017 (3 executives at 31/12/2017), information is provided in aggregate form with an indication of the number of people to whom it refers (this involves 5 executives who have held this role during the year, including for part of the year).

1.2 Further information on the consistency of fees with the remuneration policy

Consistent with the report provided to the Shareholders' Meeting of 21 April 2017 regarding implementation of the remuneration policies approved the previous year, (the relevant documentation is available on the Bank's website under "Corporate governance" (use the path Shareholders' Meeting > 2017, together with the minutes of the Shareholders' Meeting of 21 April 2017, pursuant to Article 125-quater of CFA/TUF), some further summary information is provided on the implementation, during 2017, of the policies approved one year ago, in addition to what is already stated in other parts of this Report.

Executives (not included in the definition of executives with strategic

responsibilities)

For executives who received it, the average ratio between the variable and fixed components of remuneration for 2017 is 19.47%.

Middle Management and Professional Areas that hold commercial roles

The average ratio between the variable and fixed components of remuneration for 2017 was 19.07%.

Other Middle Management and Professional Areas

For 2017, bonuses were paid to 7.79% of the workforce with an average amount equal to 7.84% of gross annual salary.

Other information

For completeness of information and regarding the entire company workforce, the following is also reported:

  • salary increases were given to 9.22% of the company workforce with an average increase in Gross Annual Salary of 12.12%;
  • promotions (increase in rank) were given to 29.99% of the company workforce;
  • in 2017, the amount paid in gross annual salaries increased (including inflation and contractual increases) by 5.40% gross (please note: this percentage does not include the ex employees of IFIS Factoring and Interbanca);
  • at the end of 2017 there was a temporary contract employment;
  • during 2017, a further two stability agreements were formalised with employees (the total number of stability agreements at 31/12/2017 is 18).

Group Companies

(a) IFIS FINANCE Sp.z o.o.

Remuneration paid to directors and employees of the Polish subsidiary, IFIS Finance Sp.z o.o. are consistent with the parameters of the Group remuneration and incentive scheme. In particular:

    1. the Directors' mandate was carried out:
  • ✓ by an executive of the Parent Company free of charge and thus without the need to repay emoluments for appointments held by employees of the Parent Company;
  • ✓ by the Vice President of the Parent Company who has carried out the mandate free of charge.
    1. a company bonus equal to one month's salary, paid with December 2017 salary, linked to the working period in the year, was paid to the staff in post as at 31/12/2017, whose employment relationship would continue into 2018 and with at least three months' company seniority;
    1. four individuals were paid a variable component according to a model like that used by the Parent Company for the commercial network incentive system;
    1. total remuneration to personnel at 31/12/2017 (13 people) was € 314,688.00.

(b) INTERBANCA S.p.A., IFIS LEASING S.p.A., IFIS FACTORING S.r.l. and IFIS RENTAL SERVICES S.r.l.

Introduction

During 2017, Group subsidiaries implemented Banca IFIS S.p.A.'s Remuneration Policy covered by the Remuneration Report, approved by the Board of Directors at its meeting of 2 March 2017 and adopted by similar resolution in all Group companies. During 2017, IFIS Factoring S.r.l. and Interbanca S.p.A. were merged and incorporated into Banca IFIS S.p.A. on 1 August 2017 and 23 October 2017 respectively. This final report, therefore, with particular reference to the quantitative data in it, will take into account the new Banca IFIS Group structure and the organisational changes carried out.

Quantitative data from subsidiaries' 2017 remuneration policies

For details of quantitative data from subsidiaries, please refer to "Other tables" (in the second part of this Report).

Remuneration paid to members of subsidiaries' Board of Directors and Standing Auditors

No fees are paid to members of the Board of Directors of any subsidiary, who are also employees of either Banca IFIS or its subsidiaries.

Total remuneration for the single Independent Director of Interbanca S.p.A. ceasing the role on 23 October 2017 was € 22,849.32.

The total amount for the Board of Statutory Auditors of Interbanca S.p.A., ceasing on 23 October 2017, of IFIS Factoring S.r.l., ceasing 1 August 2017, of IFIS Leasing S.p.A. for the entire financial year and of IFIS Rental Services S.r.l. for the entire financial year was € 295.993 for 2017.

For the Supervisory Bodies of all subsidiaries until the end of their financial years, the 2017 total amount paid was € 69,833.33 for honoraria and € 10,475 for lump-sum expenses. All of the above amounts, which do not include other expenses (VAT, Lawyers Provident Fund), are in line with what was approved by the relevant Shareholders' Meeting.

2. Part Two: remuneration paid in 2017

Table 1: remuneration paid to members of the administration and audit control bodies, to the general managers and to the other executives with strategic responsibilities (figures in thousands of euros)22

Fixed remuneration Non-equity variable
remuneration
Fair Value of
Name and surname Role Role payment
decided by the
Shareholders'
Meeting
Attendanc
e fee
Lump sum
expense
reimbursemen
t
Remuneration for
specific roles ex-Art.
2389 It.Civ.Code
Fixed
remuneratio
n from
employment
Committee
attendance fees
Bonuses and
other
incentives
Profit sharing Non
monetary
benefits
Other fees Total equity
remuneratio
n
Severance or
termination pay
Sebastien Egon Fürstenberg President of the Board of Directors
Banca IFIS S.p.A. fees 25 - 650 675 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 - - 650 - - - - - - 675 n.a. -
Alessandro Csillaghy De Pacser Vice President of the Board of Directors
Banca IFIS S.p.A. fees 25 - 500 525 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 - - 500 - - - - - - 525 n.a. -
Giovanni Bossi CEO -
Banca IFIS S.p.A. fees 25 - - 650 - - - 650 - - 1.325 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 - - 650 - - - 650 - - 1.325 n.a. -
Director 25 26 14 65
President of the Risk Control Committee 75 75
Giuseppe Benini Member of the Appointments Committee 5 5
Member of the Supervisory Body 10 10
Banca IFIS S.p.A. fees 25 26 14 - - 90 - - - - 155 n.a. -
Giuseppe Benini Director 23
Fees from Banca IFIS S.p.A. subsidiaries
(only fees from Interbanca January - October 2017) 23 23 n.a. -
Total 48 26 14 - - 90 - - - - 178 n.a. -
Director 25 21 6 52
Francesca Maderna Member of the Risk Control Committee 45 45
President of the Remuneration Committee 5 5
Banca IFIS S.p.A. fees 25 21 6
-
- 50 - - - - 102 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 21 6
-
- 50 - - - - 102 n.a. -
Director 25 26 12 63
Antonella Malinconico Member of the Risk Control Committee 45 45
Banca IFIS S.p.A. fees 25 26 12 - - 45 - - - - 108 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 26 12 - - 45 - - - - 108 n.a. -
Director 25 26 15 65
Riccardo Preve Member of the Appointments Committee 5 5
Member of the Remuneration Committee 5 5
Banca IFIS S.p.A. fees 25 26 15 - - 10
-
- - - 75 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 26 15 - - 10 - - - - 75 n.a. -
Marina Salamon Director 25 22 1 48
Banca IFIS S.p.A. fees 25 22 1
-
- - - - - - 48 n.a. -
Fees from Banca IFIS S.p.A. subsidiaries - n.a. -
Total 25 22 1
-
- - - - - - 48 n.a. -
Fixed remuneration Non-equity variable
remuneration
Non- Fair Value of
Name and surname Role Role payment
decided by the
Shareholders'
Meeting
Attendance
fee
Lump sum
expense
reimbursement
Remuneration for
specific roles ex-Art.
2389 It.Civ.Code
Fixed
remuneration
from
employment
Committee
attendance fees
Bonuses and
other
incentives
Profit sharing monetary
benefits
Other fees Total equity
remuneration
Severance or
termination pay
Director 25 23 13 61
Member of the Risk Control Committee 45 45
Daniele Santosuosso President of the Appointments Committee $\mathsf{S}$ 5
Member of the Remuneration Committee 5 5
Member of the Supervisory Body 10 10
Banca IFIS S.p.A. fees 25 23 13 ÷ oz. 65 -2 23 S. 126 n.a. - 23
Fees from Banca IFIS S.p.A. subsidiaries
Total 25 23 13 $\sim$ × 65 $\sim$ $\sim$ $\sim$ ×. 126 $\sim$
Alessandro De Nicola Member of the Supervisory Body 70 10 80
Fees from Banca IFIS S.p.A. subsidiaries
(from IFIS Factoring & Interbanca. Fees cover the periods January - July 2017 and January - October
2017 respectively)
70 10 $\sim$ $\sim$ $\lambda$ $\sim$ $\sim$ 80 п.а. $\sim$
Total 70 ۰. 10 $\sim$ ×. $\sim$ . $\sim$ $\sim$ ÷ 80 n.a. $\sim$
Giacomo Bugna President of the Board of Statutory Auditors 105 19 124
Banca IFIS S.p.A. fees 105 19 $\sim$ 141 $\sim$ Sec. $\sim$ $\sim$ 100 ter. $\sim$ 124 п.а. $\sim$
Giacomo Bugna President of the Board of Statutory Auditors 126
Fees from Banca IFIS S.p.A. subsidiaries
(from IFIS Factoring & Interbanca. Fees cover the periods January - July 2017 and January - October
2017 respectively)
126 126 n.a. ÷
Total 231 19 $\sim$ 187 $\sim$ $\sim$ c. $\sim$ 100 $\sim$ 250 n.a. - 11
Giovanna Ciriotto Standing Auditor 70 19 89
Banca IFIS S.p.A. fees 70 19 $\sim$ 39 $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ c. 89 n.a. $\sim$
Giovanna Ciriotto Standing Auditor 85
Fees from Banca IFIS S.p.A. subsidiaries
(from IFIS Factoring & Interbanca. Fees cover the periods January - July 2017 and January - October
2017 respectively)
85 85 n.a.
Total 155 19 ÷ $\overline{a}$ 12 $\sim$ $\sim$ ÷ $\sim$ 174 n.a. $\sim$
Piera Vitali Standing Auditor 85
Banca IFIS S.p.A. fees ÷ $\sim$ n.a.
Fees from Banca IFIS S.p.A. subsidiaries
(from IFIS Factoring & Interbanca. Fees cover the periods January - July 2017 and January - October
85 85 n.a.
2017 respectively)
Total 85 85 n.a.
Massimo Miani Standing Auditor 70 16 86
Banca IFIS S.p.A. fees 70 16 r. $\sim$ Car $\sim$ $\sim$ ALC $\sim$ i 86 n.a. $\sim$ $^{\circ}$
Fees from Banca IFIS S.p.A. subsidiaries n.a. $\sim$
Total 70 16 S. $\sim$ ×. ÷ $\sim$ -29 $\sim$ S. 86 n.a. $\sim$
Andrea Martin President of the Supervisory Body 25 25
Banca IFIS S.p.A. fees 23 r. $\sim$ Ca 25 $\sim$ $\sim$ $\sim$ $\sim$ 25 n.a. $\sim$
Fees from Banca IFIS S.p.A. subsidiaries -27 n.a. $\sim$
Total $\mathcal{L}^{\mathcal{L}}$ × $\sim$ $\sim$ $\sim$ 25 ÷., $\sim$ $\overline{\phantom{a}}$ $\sim$ 25 n.a. $\sim$
Alberto Staccione General Manager 308 24 185 25 543
Banca IFIS S.p.A. fees n.a. SO
Fees from Banca IFIS S.p.A. subsidiaries Section n.a. $\sim$ 1
Total ×. ÷ ٠ 308 24 185 25 543 n.a. $\mathcal{L}^{\mathcal{L}}$
part of the year) Other executives with strategic responsibility (three executives at 31/12/2017 + 2 executives for 643 173 68 884
Banca IFIS S.p.A. fees $\sim$
Fees from Banca IFIS S.p.A. subsidiaries $\sim$ Section п.а. $\sim$
Total 25 ٠ ÷ У. 643 a. 173 × 68 884 n.a. $\sim$

22 The remuneration paid to the members of the Board of Directors and the Statutory Auditors' Board of Banca IFIS S.p.A. are for the entire 2017 financial year. Expiry of office is established upon approval of the financial statements as at 31/12/2018

_______________________________

Other tables: monetary incentive plans for members of the administration bodies, to general managers and to other executives with strategic responsibilities

From the tables set out in Annex 3A, Template No. 7-bis, of the "Issuer Regulations", tables 3A and 3B are currently applicable to the Banca IFIS Group. These tables are shown below with profit sharing data for the CEO and the General Manager.

TABLE 3A

- - - - -
** 92,519 2018/2021 ** **

TABLE 3B

TABLE 3B: Monetary incentive plans for members of administration bodies, general managers and other executives with strategic responsibility
(A) (B) (1) (2) (3) (4)
Bonuses for the year Bonuses for previous years
Sumame and name Role Plan (A) (B) (C) (A) (B) (C) Other Bonuses
Bossi Giovanni CEO Payable/paid Deferred Period of deferment No longer payable Payable/paid Still deferred
Banca IFIS S.p.A. fees 2013-2014-2015-2016
Plans
¥. $\sim$ 455,000 455,000 -
2017 Plan
Resolution of
21/04/2017
195,000 130,000 $\overline{3}$
2013 Plan $\sim$
2014 Plan $\sim$ a. ۰
Fees from Banca IFIS S.p.A. subsidiaries 2015 Plan
2016 Plan
2017 Plan
Total 195,000 130,000 $\overline{3}$ ٠ 455,000 455,000 $\sim$
Staccione Alberto General Manager
Banca IFIS S.p.A. fees 2013-2014-2015-2016
Plans
T. $\sim$ ÷. ÷. 129,170 $129,081$ .
2017 Plan
Resolution of
21/04/2017
55,512 37,008
2013 Plan $\sim$ $\overline{\phantom{a}}$
2014 Plan ۰
Fees from Banca IFIS S.p.A. subsidiaries 2015 Plan $\sim$ ۰
2016 Plan $\sim$ $\sim$ × $\sim$
2017 Plan
Total 55,512 37,008 3 ۰ 129,170 129,081 См.

Schedule relating to the shareholdings of directors, statutory auditors, the general manager and other executives with strategic responsibilities

Table 1: shareholdings of members of the administration and control bodies and the general managers

Surname and
name
Role Investee
company
Number of
shares owned
at the end of
the previous
year
Number of
shares
purchased
Number
of
shares
sold
Number of
shares
owned at the
end of the
current year
Fürstenberg
Sebastien Egon
(including shares
held indirectly
through La
Scogliera S.p.A.)
President Banca
IFIS S.p.A
27,026,847 0 60,000 26,966,847
Csillaghy
Alessandro
Vice President --- --- --- --- ---
Bossi Giovanni Chief Executive Officer Banca
IFIS S.p.A
1,852,586 0 0 1,852,586
Benini Giuseppe Director --- --- --- --- ---
Maderna
Francesca
Director Banca
IFIS S.p.A
1,070,422 0 0 1,070,422
Malinconico
Antonella
Director --- --- --- --- ---
Preve Riccardo
(including shares
held indirectly
through Preve
Costruzioni
S.p.A.)
Director Banca
IFIS S.p.A
1,242,168 4,432 0 1,244,668
Salamon Marina
(held indirectly
through Alchimia
S.p.A.)
Director Banca
IFIS S.p.A
1,076,247 0 0 1,076,247
Santosuosso
Daniele
Director --- --- --- --- ---
Bugna Giacomo President of the Board of Statutory Auditors --- --- --- --- ---
Ciriotto
Giovanna
Standing Auditor --- --- --- --- ---
Miani Massimo Standing Auditor --- --- --- --- ---
Staccione
Alberto
General Manager Banca
IFIS S.p.A
143,949 0 0 143,949

* the assigning of Banca IFIS treasury shares as part of variable remuneration as per the remuneration and incentive policies approved by the Shareholders' Meeting

Table 2: shareholdings of other executives with strategic responsibilities

Number of executives with strategic
responsibilities
Investee
company
Number of
shares owned
at the end of
the previous
year
Number of
shares
purchased
Number of
shares sold
Number of
shares
owned at the
end of the
current year
5 (3 people at 31/12/2017) Banca IFIS S.p.A --- --- --- ---

Other tables

AGGREGATE QUANTITATIVE INFORMATION FOR BANCA IFIS S.p.A.'s BUSINESS LINES*
BUSINESS LINE Number GROSS ANNUAL REMUNERATION GROSS ANNUAL VARIABLE
REMUNERATION
Credi Impresa Futuro + Internazionale B.U.s 340 12,084,475 1,826,459
Tax Receivables B.U. 25 1,069,647 177,069
Pharmacies B.U. 11 683,896 52,810
Structured Finance B.U. 113,471
NPL B.U. 229 5,369,711 531,145
PHARMA B.U. 14 687,863 79,911
Special Situations B.U. 71,836 3,292
General Management - Control functions** 120 4,107,222 535,867
General Management - Personnel and support structure*** 464 13,480,676 1,802,005
TOTAL 1,212 37,668,798 5,008,557
BUSINESS LINES Number of employees
at 22/10/2017
GROSS ANNUAL
REMUNERATION FROM
01/01/2017 TO
22/10/2017
GROSS ANNUAL VARIABLE
REMUNERATION TO BE PAID AT
APRIL 2018 (5)
Personnel and support structure to October 2017 229 7,666,068.91
Company control units to October 2017 31 1,358,251.43
IFIS Factoring Retail Banking/Factoring to July 2017 34(2) 906,626.28 (2)
Interbanca - Commercial Lending B.U. to October 2017 14 738,035.74
Interbanca - Structured Finance B.U. to October 2017 425,181.30
Interbanca - Workout & Recovery B.U. to October 2017 15 706,449.52
IFIS Leasing - Auto Leasing to October 2017 96(3) 3,100,577.18
IFIS Rental Services - Equipment Finance Leasing to October 2017 26 688,188.23
TOTALS 419(4) 14.682.752,31(4)
GROSS ANNUAL VARIABLE REMUNERATION (BONUS)
BUSINESS LINES Number of employees
at 31/12/2017
GROSS ANNUAL
REMUNERATION FROM
23/10/2017 TO
31/12/2017
GROSS ANNUAL VARIABLE
REMUNERATION (BONUS)
No. OF EMPLOYEES WITH
BONUS RIGHTS (6)
IFIS Leasing - Auto Leasing 98 1,064,080.70 115,961.72 12
Personnel and support structures 109 884, 844. 22
Company control units 78,539.16
IFIS Rental Services - Equipment Finance Leasing 222,936.21 59,099.25
TOTALS 240 2,250,400.29 175,060.97 21
into Banca IFIS S.p.A. with effect from 1 August 2017. The quantitative information shown in these tables relate to the period 01/01/2017-22/10/2017 except
for IFIS Factoring Retail Banking which closed at 31 July 2017
(2) includes one member of Interbanca S.p.A. personnel who is on secondment
(3) includes one member of Interbanca S.p.A. personnel who is on secondment
(4) does not include IFIS Factoring Retail Banking data
(5) quantitative data missing from this column is included in Other Tables relating to the Parent Company
BANCA IFIS S.p.A.
Total remuneration recognised greater than €1 million No.
€1 million - 1.5 million
$£1.5 - 2$ million
$£2 - 2.5$ million
$£2.5 - 3 million$
$£3 - 3.5$ million
$£3.5 - 4$ million
$E4 - 4.5$ million
AGGREGATE QUANTITATIVE INFORMATION FOR BANCA IFIS GROUP'S "KEY PERSONNEL" (ONLY EMPLOYEES) (SELF-ASSESSMENT CARRIED OUT 19/01/2018)
Banca IFIS Group No. FIXED VARIABLE AVERAGE % OF
VARIABLE TO FIXED
Cash up front Equity up
front
Deferred cash Deferred
equity
Key personnel 38 4,295,003.56 1,186,845.93 26.35% 13,674.00

APPENDIX E

VOTING LIST FOR ITEM 2) OF THE AGENDA: Remuneration policies for corporate officers, employees and associates of the Banca IFIS banking Group: Remuneration Report

Share capital € 53.811.095,00 SC present at Shareholders' meeting € 42.270.596,00

SHA
REH
OL
DER
NO
N V
OT
ING
% o
f SC
f SC
% o
sent
at
pre
Sha
reh
olde
rs'
ting
mee
FOR % o
f SC
f SC
% o
sent
at
pre
Sha
reh
olde
rs
' me
etin
g
AG
AIN
ST
% o
f SC
f SC
% o
sent
at
pre
Sha
reh
olde
rs
' me
etin
g
AB
STE
NTI
O
NS
% o
f SC
f SC
% o
sent
at
pre
Sha
reh
olde
rs
' me
etin
g
LA
SCO
GLI
ERA
S.P
.A.
0,00
00%
0,00
00%
27.0
16.8
47
50,2
068
%
63,9
140
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALB
IZZ
ATI
TIZ
IAN
O V
INC
ENZ
O
0,00
00%
0,00
00%
1.60
0
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALC
HIM
IA S
PA
0,00
00%
0,00
00%
1.07
6.24
7
2,00
00%
2,54
61%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BOA
LO'
PIE
TRO
AM
ERI
GO
0,00
00%
0,00
00%
8.50
0
0,0
158
%
0,02
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BO
SSI
GIO
VA
NN
I
0,00
00%
0,00
00%
1.83
8.64
6
3,4
169
%
4,34
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAR
RAR
O E
RM
AN
NO
0,00
00%
0,00
00%
260 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAS
ELL
I LA
URA
0,00
00%
0,00
00%
7.69
5
0,0
143
%
0,0
182
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CHI
ESA
DA
NIE
LA
0,00
00%
0,00
00%
1.60
0
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FIO
I GI
LUC
REN
TIN
AN
A
0,00
00%
0,00
00%
20 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
DER
NA
FR
AN
CES
CA
0,00
00%
0,00
00%
1.07
0.42
2
1,98
92%
2,53
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
FFE
I FA
CCI
OLI
CA
RLO
FR
AN
CES
CO
JAC
OPO
0,00
00%
0,00
00%
39.0
00
0,07
25%
0,09
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
DO
LFO
FA
ZIO
BRI
0,00
00%
0,00
00%
3.24
2
0,00
60%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
POR
TAL
UPP
I AN
NA
MA
RIA
CR
IST
INA
0,00
00%
0,00
00%
7.50
0
0,0
139
%
0,0
177
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COS
ZIO
NI S
PA
PRE
VE
TRU
0,00
00%
0,00
00%
1.15
2.50
0
2,14
18%
2,72
65%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PRE
VE
RIC
CAR
DO
0,00
00%
0,00
00%
94.0
00
0,17
47%
0,22
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RIZ
ZAR
DI R
AFF
AEL
E
0,00
00%
0,00
00%
1.00
0
0,00
19%
0,00
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
CCI
ON
E A
LBE
RTO
0,00
00%
0,00
00%
140
.000
0,26
02%
0,33
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
119
9 SE
IU H
EAL
TH
CAR
E E
MP
LOY
EES
PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.25
2
0,00
23%
0,00
30%
0,00
00%
0,00
00%
700
30 P
D G
LOB
ALE
AK
TIE
R V
II
0,00
00%
0,00
00%
0,00
00%
0,00
00%
27.
192
0,05
05%
0,06
43%
0,00
00%
0,00
00%
ACC
COM
SAT
ION
CO
RPO
ION
IDE
NT
PEN
RAT
0,00
00%
0,00
00%
0,00
00%
0,00
00%
9.18
6
0,0
171
%
0,02
17%
0,00
00%
0,00
00%
AG
I PV
WS
RC
M I
ND
849
0 07
521
0 SP
K
0,00
00%
0,00
00%
0,00
00%
0,00
00%
8.28
5
0,0
154
%
0,0
196
%
0,00
00%
0,00
00%
ALA
SKA
PE
RM
AN
ENT
FU
ND
CO
RPO
RAT
ION
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.66
3
0,00
31%
0,00
39%
0,00
00%
0,00
00%
ALA
SKA
PE
RM
AN
ENT
FU
ND
CO
RPO
RAT
ION
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.98
1
0,00
55%
0,00
71%
0,00
00%
0,00
00%
ALK
EN
FUN
D
0,00
00%
0,00
00%
641
.961
1,19
30%
1,5
187
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALK
EN
FUN
D
0,00
00%
0,00
00%
270
.745
0,50
31%
0,64
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
Z G
I FO
NDS
QU
ONI
SMC
ALL
IAN
AM
0,00
00%
0,00
00%
0,00
00%
0,00
00%
27.3
73
0,05
09%
0,06
48%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
S G
AN
O 2
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.40
1
0,00
45%
0,00
57%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
ND
S PF
2
0,00
00%
0,00
00%
0,00
00%
0,00
00%
10.2
34
0,0
190
%
0,02
42%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
ND
S PT
V2
0,00
00%
0,00
00%
0,00
00%
0,00
00%
9.42
6
0,0
175
%
0,02
23%
0,00
00%
0,00
00%
ALL
IAN
ZGI
-FO
ND
S D
SPT
0,00
00%
0,00
00%
0,00
00%
0,00
00%
690 0,00
13%
0,00
16%
0,00
00%
0,00
00%
AM
ERI
CAN
HO
ND
A M
AST
ER
RET
IRE
ME
NT
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
12.8
47
0,02
39%
0,03
04%
0,00
00%
0,00
00%
AM
DI A
CTI
ON
S PM
SR
UN
E E
0,00
00%
0,00
00%
0,00
00%
0,00
00%
246
.312
0,45
77%
0,58
27%
0,00
00%
0,00
00%
AM
UN
DI E
TF
FTS
E IT
ALI
A P
IR U
CIT
S E
TF
DR
0,00
00%
0,00
00%
0,00
00%
0,00
00%
5.28
7
0,00
98%
0,0
125
%
0,00
00%
0,00
00%
AM
UN
DI F
UN
DS
SIC
AV
0,00
00%
0,00
00%
0,00
00%
0,00
00%
234
.448
0,43
57%
0,55
46%
0,00
00%
0,00
00%
AQ
R IN
TER
NA
TIO
NA
L S
MA
LL
CAP
EQ
UIT
Y F
UN
D, L
.P.
0,00
00%
0,00
00%
0,00
00%
0,00
00%
8.90
0
0,0
165
%
0,02
11%
0,00
00%
0,00
00%
ARR
OW
STR
EET
(CA
NA
DA
) GL
OBA
L A
LL-
COU
NTR
Y A
LPH
A E
XTE
NSI
ON
E F
UN
D I
0,00
00%
0,00
00%
0,00
00%
0,00
00%
9.74
9
0,01
81%
0,02
31%
0,00
00%
0,00
00%
ARR
OW
STR
(CA
NA
DA
) GL
OBA
L A
COU
EET
LL-
NTR
Y F
UN
D I
0,00
00%
0,00
00%
0,00
00%
0,00
00%
22.3
39
0,04
15%
0,05
28%
0,00
00%
0,00
00%
ARR
OW
STR
EET
(CA
NA
DA
) IN
TL
DEV
ELO
PED
MA
RKE
T E
X U
S FU
ND
I
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.79
9
0,00
52%
0,00
66%
0,00
00%
0,00
00%
ARR
OW
STR
EET
AC
WI
ALP
HA
EXT
ENS
ION
FU
ND
III
CAY
MA
N L
IMI
TED
0,00
00%
0,00
00%
0,00
00%
0,00
00%
4.9
18
0,00
91%
0,0
116
%
0,00
00%
0,00
00%
OW
STR
CA
GLO
L C
OU
NSI
ON
ARR
EET
PIT
AL
BAL
AL
NTR
Y A
LPH
A E
XTE
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.39
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
ARR
OW
STR
EET
CA
PIT
AL
GLO
BAL
EQ
UIT
Y -
ALP
HA
AX
TEN
SIO
N F
UN
D L
IMI
TED
0,00
00%
0,00
00%
0,00
00%
0,00
00%
17.4
99
0,03
25%
0,04
14%
0,00
00%
0,00
00%
ARR
OW
STR
EET
EA
FE
ALP
HA
EXT
ENS
ION
FU
ND
II
0,00
00%
0,00
00%
0,00
00%
0,00
00%
19.0
55
0,03
54%
0,04
51%
0,00
00%
0,00
00%
ARR
OST
REE
T IN
TER
NA
TIO
NA
L E
QU
ITY
AC
WI
EX
US
TRU
ST
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
11.4
29
0,02
12%
0,02
70%
0,00
00%
0,00
00%
ARR
OST
REE
T M
ULT
Y S
TRA
TEG
Y U
MB
REL
LA
PLC
0,00
00%
0,00
00%
0,00
00%
0,00
00%
18.0
04
0,03
35%
0,04
26%
0,00
00%
0,00
00%
ARR
OW
STR
WO
SM
ALL
CA
QU
AL
PHA
STE
ON
(CA
AN
) LI
EET
RLD
P E
ITY
EX
NTI
FU
ND
YM
MIT
ED
0,00
00%
0,00
00%
0,00
00%
0,00
00%
14.3
10
0,02
66%
0,03
39%
0,00
00%
0,00
00%
ATL
AS
QU
AN
TIT
ATI
VE
TRA
DIN
G F
UN
D L
TD
0,00
00%
0,00
00%
270 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BAN
K O
F A
ME
RIC
AO
MN
IBU
S
0,00
00%
0,00
00%
0,00
00%
0,00
00%
349 0,00
06%
0,00
08%
0,00
00%
0,00
00%
BGI
MS
CI E
AFE
SM
ALL
CA
P E
QU
ITY
IND
EX
FUN
D B
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.54
4
0,00
47%
0,00
60%
0,00
00%
0,00
00%
BLA
CKR
OCK
AM
SC
H A
G O
BO
BIF
S W
ORL
D E
X S
W S
MA
LL
CAP
EQ
IND
EX
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
126 0,00
02%
0,00
03%
0,00
00%
0,00
00%
BLA
CKR
OCK
INS
ST
CO
NA
SFO
LOY
T T
RU
INV
FU
ND
R E
MP
EE
BEN
EFI
T T
R
0,00
00%
0,00
00%
0,00
00%
0,00
00%
13.0
03
0,02
42%
0,03
08%
0,00
00%
0,00
00%
BLA
CKR
OCK
INS
TITU
TIO
NAL
TRU
ST C
OM
PAN
Y N
.A. I
NVE
STM
ENT
FUN
DS F
OR
EMP
LOY
EE B
ENE
FIT
TRU
STS
0,00
00%
0,00
00%
0,00
00%
0,00
00%
19.7
30
0,03
67%
0,04
67%
0,00
00%
0,00
00%
BNY
ME
LLO
N E
MP
LOY
EE
BEN
EFI
T C
OLL
ECT
IVE
INV
EST
ME
NT
FUN
D P
LAN
0,00
00%
0,00
00%
0,00
00%
0,00
00%
889 0,00
17%
0,00
21%
0,00
00%
0,00
00%
BNY
MT
D C
F M
ITO
N E
URO
PEA
N O
PPS
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
138
.712
0,25
78%
0,32
82%
0,00
00%
0,00
00%
BO
STO
N P
ATR
IOT
CO
NG
RES
S ST
LL
C C
/O P
AN
AG
ORA
AS
SET
MA
NA
GEM
ENT
, IN
C.
0,00
00%
0,00
00%
0,00
00%
0,00
00%
648 0,00
12%
0,00
15%
0,00
00%
0,00
00%
CAL
IFO
RNI
A P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T S
YST
EM
0,00
00%
0,00
00%
42.2
68
0,07
85%
0,10
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T S
YST
EM
0,00
00%
0,00
00%
2.82
2
0,00
52%
0,00
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
3.74
2
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
216 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
12.1
38
0,02
26%
0,02
87%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAR
PIM
KO
PM
CA
PI H
0,00
00%
0,00
00%
0,00
00%
0,00
00%
19.0
00
0,03
53%
0,04
49%
0,00
00%
0,00
00%
CAS
EY
FP H
OSK
ING
GL
OBA
L
0,00
00%
0,00
00%
0,00
00%
0,00
00%
7.63
5
0,01
42%
0,01
81%
0,00
00%
0,00
00%
CAT
AR
EST
ST
ERP
ILL
INV
ME
NT
TRU
0,00
00%
0,00
00%
0,00
00%
0,00
00%
10.3
57
0,01
92%
0,02
45%
0,00
00%
0,00
00%
CBO
SC
ATF
CB
GS-
WG
SS0
2 N
EW
0,00
00%
0,00
00%
0,00
00%
0,00
00%
19.8
11
0,03
68%
0,04
69%
0,00
00%
0,00
00%
CCL
&L
Q G
ROU
P G
LOB
AL
EQU
ITY
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
100 0,00
02%
0,00
02%
0,00
00%
0,00
00%
CE8
F W
ILL
IAM
BL
AIR
ISC
E
0,00
00%
0,00
00%
0,00
00%
0,00
00%
47.9
96
0,08
92%
0,11
35%
0,00
00%
0,00
00%
CEN
TUR
YLI
NK
INC
. DE
FIN
ED
BEN
EFI
T M
AST
ER
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
8.18
0
0,01
52%
0,01
94%
0,00
00%
0,00
00%
CEN
TUR
YLI
NK
INC
. DE
FIN
ED
CON
TRI
BUT
ION
PL
AN
MA
STE
R T
RU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
6.50
9
0,01
21%
0,01
54%
0,00
00%
0,00
00%
CF
DV
AC
WI
EX-
U.S
. IM
I FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
83 0,00
02%
0,00
02%
0,00
00%
0,00
00%
CFP
BE
ST
SUS
T E
UR
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
8.21
9
0,01
53%
0,01
94%
0,00
00%
0,00
00%
CH0
526
BS
(CH
) IN
STI
ION
AL
EQU
S G
LOB
AL
SM
ALL
CA
P PA
SSI
- U
TUT
FUN
D -
ITIE
VE
II
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.14
0
0,00
21%
0,00
27%
0,00
00%
0,00
00%
CIT
Y O
F L
OS
AN
GEL
ES
FIR
E A
ND
PO
LIC
E P
ENS
ION
PL
AN
0,00
00%
0,00
00%
3.36
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
DEF
ERR
ED
COM
PEN
SAT
ION
PL
AN
00% 00% 31.7
72
90% 52% 00% 00% 00%
0,00 0,00 0,05 0,07 0,00 0,00 0,00 0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.43
6
0,00
45%
0,00
58%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.38
8
0,00
63%
0,00
80%
0,00
00%
0,00
00%
CIT
Y O
YO
GRO
ST
F N
EW
RK
UP
TRU
0,00
00%
0,00
00%
0,00
00%
0,00
00%
4.10
3
0,00
76%
0,00
97%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
10.1
26
0,01
88%
0,02
40%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
688 0,00
13%
0,00
16%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.26
7
0,00
24%
0,00
30%
0,00
00%
0,00
00%
COL
LEG
E R
ETI
REM
ENT
EQ
UIT
IES
FU
ND
0,00
00%
0,00
00%
126
.850
0,23
57%
0,30
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CON
NEC
TIC
GEN
ERA
INS
URA
NCE
CO
AN
UT
L L
IFE
MP
Y
0,00
00%
0,00
00%
0,00
00%
0,00
00%
65 0,00
01%
0,00
02%
0,00
00%
0,00
00%
COP
PER
RO
CK
INT
ERN
ATI
ON
AL
SM
ALL
CA
P FU
ND
0,00
00%
0,00
00%
196
.013
0,36
43%
0,46
37%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COU
NSE
L G
LOB
AL
SM
ALL
CA
P
0,00
00%
0,00
00%
0,00
00%
0,00
00%
32.6
59
0,06
07%
0,07
73%
0,00
00%
0,00
00%
CPA
CO
P PS
ERS
WA
SAT
CH
AD
VIS
ORS
0,00
00%
0,00
00%
57.2
55
0,10
64%
54%
0,13
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CTJ
RE
ST
AN
LIB
GL
OBA
L E
Q H
OSK
ING
0,00
00%
0,00
00%
0,00
00%
0,00
00%
27.3
95
0,05
09%
0,06
48%
0,00
00%
0,00
00%
CTJ
RE
ST
AN
LIB
GL
OBA
L E
QU
ITY
FD
AB
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.90
0
0,00
35%
0,00
45%
0,00
00%
0,00
00%
D.E
. SH
AW
AS
YM
PTO
TE
INT
ERN
ATI
ON
L L
TD
0,00
00%
0,00
00%
0,00
00%
0,00
00%
6 0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEL
TA
MA
STE
R T
RU
ST
0,00
00%
0,00
00%
48.7
86
0,09
07%
0,11
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEL
TA
PIL
OTS
DIS
ABI
LIT
Y A
ND
SU
RVI
VO
RSH
IP
0,00
00%
0,00
00%
5.01
8
0,00
93%
0,01
19%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEU
TSC
HE
X-T
RAC
KER
S M
SCI
EM
U H
EDG
ED
EQU
ITY
ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
154 0,00
03%
0,00
04%
0,00
00%
0,00
00%
DIG
NIT
Y H
EAL
TH
0,00
00%
0,00
00%
0,00
00%
0,00
00%
5.56
1
0,01
03%
0,01
32%
0,00
00%
0,00
00%
DO
MIN
ION
RE
SOU
RCE
S IN
C. M
AST
ER
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.47
3
0,00
46%
0,00
59%
0,00
00%
0,00
00%
FCP
AS
TOR
G C
ROI
SSA
NCE
MI
D C
AP
0,00
00%
0,00
00%
0,00
00%
0,00
00%
8.56
2
0,01
59%
0,02
03%
0,00
00%
0,00
00%
FCP
GR
OU
PAM
A A
O
VEN
IR E
UR
0,00
00%
0,00
00%
0,00
00%
0,00
00%
789
.968
1,46
80%
1,86
88%
0,00
00%
0,00
00%
FCP
HS
BC
TEC
HN
OLO
GIE
0,00
00%
0,00
00%
0,00
00%
0,00
00%
41.6
93
0,07
75%
0,09
86%
0,00
00%
0,00
00%
FID
ELI
TY
SAL
ST
T S
PAR
TAN
TO
TAL
INT
IN
F
00% 00% 00% 00% 642 12% 15% 00%
FIR
ST T
ST D
MA
RK
EX
US
SM
ALL
CA
P A
LP
0,00 0,00 0,00 0,00 887 0,00 0,00 0,00 0,00
00%
RU
EV
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
16%
0,00
21%
0,00
00%
0,00
00%
FLE
XSH
ARE
S M
ORN
ING
STA
R D
EVE
LOP
ED
MA
RKE
TS
EX-
US
FAC
TOR
TIL
T IN
DEX
FU
ND
0,00
00%
0,00
00%
1.61
7
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
4.17
4
0,00
78%
0,00
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
132
.486
0,24
62%
0,31
34%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
6.14
2
0,01
14%
0,01
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GEN
LI S
DS
SIC
ERA
MA
RT
FUN
AV
0,00
00%
0,00
00%
0 0,00
00%
0,00
00%
5.45
5
0,01
01%
0,01
29%
0,00
00%
0,00
00%
GEN
ERA
LI S
MA
RT
FUN
DS
SIC
AV
0,00
00%
0,00
00%
0 0,00
00%
0,00
00%
9.15
2
0,01
70%
0,02
17%
0,00
00%
0,00
00%
GO
VER
NM
ENT
INS
TIT
UTI
ON
S PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
965 0,00
18%
0,00
23%
0,00
00%
0,00
00%
GO
VER
NM
ENT
OF
NO
RW
AY
0,00
00%
0,00
00%
646
.539
1,20
15%
1,52
95%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
OF
NO
RW
AY
0,00
00%
0,00
00%
262
.924
0,48
86%
0,62
20%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
SU
AN
ATI
ON
VER
NM
ENT
PER
NU
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
12.9
94
0,02
41%
0,03
07%
0,00
00%
0,00
00%
GTT
A P
AN
THE
R F
UN
D L
P
0,00
00%
0,00
00%
159 0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HA
RTF
ORD
MU
LTI
FAC
TOR
GL
OBA
L S
MA
LL
CAP
ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
242 0,00
04%
0,00
06%
0,00
00%
0,00
00%
HO
SKI
NG
GL
OBA
L F
UN
D P
LC
0,00
00%
0,00
00%
0,00
00%
0,00
00%
252
.190
0,46
87%
0,59
66%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
CO
LLE
CTI
VE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
40.2
64
0,07
48%
0,09
53%
0,00
00%
0,00
00%
HO
SKI
NG
PA
ERS
EQ
LC
RTN
UIT
Y F
UN
D L
0,00
00%
0,00
00%
0,00
00%
0,00
00%
19.8
36
0,03
69%
0,04
69%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
GL
OBA
L E
QU
ITY
TR
UST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
7.97
8
0,01
48%
0,01
89%
0,00
00%
0,00
00%
HO
STP
LUS
PO
OLE
D S
UPE
RAN
NU
ATI
ON
TR
UST
0,00
00%
0,00
00%
45.2
78
0,08
41%
0,10
71%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HSB
C G
LOB
AL
INV
EST
ME
NT
FUN
DS
0,00
00%
0,00
00%
0,00
00%
0,00
00%
140
.000
0,26
02%
0,33
12%
0,00
00%
0,00
00%
IBM
401
K P
LUS
PL
AN
0,00
00%
0,00
00%
0,00
00%
0,00
00%
15.8
40
0,02
94%
0,03
75%
0,00
00%
0,00
00%
ILL
INO
IS M
UN
ICIP
AL
RET
IRE
ME
NT
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
67.9
49
0,12
63%
0,16
07%
0,00
00%
0,00
00%
ILL
INO
IS S
TAT
E B
OA
RD
OF
INV
EST
ME
NT
0,00
00%
0,00
00%
4.20
7
0,00
78%
0,01
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
IND
IAN
A P
UBL
IC R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
0,00
00%
0,00
00%
760 0,00
14%
0,00
18%
0,00
00%
0,00
00%
ATI
ON
AL
MO
ARY
INT
ERN
NET
FU
ND
0,00
00%
472 0,00
09%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
INT
ERN
ATI
ON
AL
MO
NET
ARY
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
241 0,00
04%
0,00
06%
0,00
00%
0,00
00%
ISH
ARE
S A
LLC
OU
NTR
Y E
QU
ITY
IND
EX
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
107 0,00
02%
0,00
03%
0,00
00%
0,00
00%
ISH
ARE
S C
ORE
MS
CI E
AFE
ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
83.9
75
0,15
61%
0,19
87%
0,00
00%
0,00
00%
ISH
ARE
S C
ORE
MS
CI E
AFE
IM
I IN
DEX
ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.35
8
0,00
25%
0,00
32%
0,00
00%
0,00
00%
ISH
ARE
S II
IC L
CO
AN
I PU
BBL
IMI
TED
MP
Y
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.22
6
0,00
23%
0,00
29%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EA
FE
SM
ALL
CA
P E
TF
0,00
00%
0,00
00%
0,00
00%
0,00
00%
99.3
10
0,18
46%
0,23
49%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EU
ROP
E IM
I IN
DEX
ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
562 0,00
10%
0,00
13%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EU
ROP
E S
MA
LL-
CAP
ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.70
7
0,00
69%
0,00
88%
0,00
00%
0,00
00%
ISH
ARE
S V
II P
LC
0,00
00%
0,00
00%
0,00
00%
0,00
00%
16.8
47
0,03
13%
0,03
99%
0,00
00%
0,00
00%
ISH
ARE
S V
LC
II P
ISL
AN
D C
API
TAL
INV
EST
ME
NTS
II,
LLC
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.54
6
0,00
00%
0,00
47%
0,00
00%
0,00
60%
5.56
5
0,01
03%
0,00
00%
0,01
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
JAN
US
HEN
DER
SON
HO
RIZ
ON
FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
215
.099
0,39
97%
0,50
89%
0,00 00%
0,00
00%
JOH
CM
ATI
ON
AL
SM
ALL
CA
QU
INT
ERN
P E
ITY
FU
ND
0,00 00%
0,00
00%
79.8
97
0,14
85%
0,18
90%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
KA
ISE
R F
OU
ND
ATI
ON
HO
SPI
TAL
S
0,00 00%
0,00
00%
0,00
00%
0,00
00%
2.77
1
0,00
51%
0,00
66%
0,00 00%
0,00
00%
KA
ISE
R P
ERM
AN
ENT
E G
ROU
P T
RU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
12.2
58
0,02
28%
0,02
90%
0,00 00%
0,00
00%
KP
INT
ERN
ATI
ON
AL
EQU
ITY
FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
1.18
1
0,00
22%
0,00
28%
0,00 00%
0,00
00%
LAB
ORE
RS'
AN
D R
ET
BOA
RD
EM
PL
AN
NU
ITY
& B
ENE
FIT
F O
F C
HIC
AG
O
0,00 00%
0,00
00%
0,00
00%
0,00
00%
14.3
75
0,02
67%
0,03
40%
0,00 00%
0,00
00%
LEG
AL
& G
RAL
ICA
ENE
V
00%
00%
00% 00% 200 04% 05% 00%
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
00%
LEG
AL
AN
D G
ENE
RAL
AS
SUR
AN
CE
PEN
SIO
NS
MA
NA
GEM
ENT
LIM
ITE
D
0,00 00%
0,00
00%
0,00
00%
0,00
00%
3.36
6
0,00
63%
0,00
80%
0,00 00%
0,00
00%
LEG
AL
AN
D G
ENE
RAL
CO
LLE
CTI
VE
INV
EST
ME
NT
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
490 0,00
09%
0,00
12%
0,00 00%
0,00
00%
LM
IF L
MG
AM
I EU
RO
SM
LL
CP
0,00 00%
0,00
00%
0,00
00%
0,00
00%
6.02
6
0,01
12%
0,01
43%
0,00 00%
0,00
00%
LOS
AN
GEL
ES
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00 00%
0,00
00%
0,00
00%
0,00
00%
2.21
9
0,00
41%
0,00
52%
0,00 00%
0,00
00%
LOS
AN
GEL
ES
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00 00%
0,00
00%
0,00
00%
0,00
00%
9.97
9
0,01
85%
0,02
36%
0,00 00%
0,00
00%
M+
G IN
VES
TM
ENT
FU
ND
S (7
)- M
+G
EUR
OPE
AN
SE
LEC
T F
UN
D
0,00 00%
0,00
00%
58.8
25
0,10
93%
0,13
92%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
M+
G IN
VES
TM
ENT
FU
ND
S (7
)- M
+G
PAN
EU
ROP
EAN
DIV
IDE
ND
FU
ND
0,00 00%
0,00
00%
62.5
64
0,11
63%
0,14
80%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
MA
INS
TAY
ATI
ON
AL
EQU
INT
ERN
ITY
FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
118
.222
0,21
97%
0,27
97%
0,00 00%
0,00
00%
MA
INS
TAY
VP
INT
ERN
ATI
ON
AL
EQU
ITY
PO
RTF
OLI
O
0,00 00%
0,00
00%
0,00
00%
0,00
00%
173
.102
0,32
17%
0,40
95%
0,00 00%
0,00
00%
MAP
192
SEG
REG
ATE
D PO
RTF
OLIO
, A S
EG P
ORT
OF
LMA
SPC
MG
D BY
PAN
AGO
RA A
SST
MGM
NT I
NC P
M A
CT
0,00 00%
0,00
00%
0,00
00%
0,00
00%
7.63
2
0,01
42%
0,01
81%
0,00 00%
0,00
00%
MA
RRI
OTT
INT
, IN
C. P
OO
LED
INV
TR
FO
R P
ART
ICIP
AN
T D
IRE
CTE
D A
CC
0,00 00%
0,00
00%
6.76
4
0,01
26%
0,01
60%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
MA
RYL
AN
D S
TAT
E R
ETI
REM
ENT
& P
ENS
ION
SY
STE
M
00%
00%
00% 00% 1.57
8
29% 37% 00%
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
00%
RCE
R Q
IF C
CF
ME
0,00 00%
0,00
00%
0,00
00%
0,00
00%
45.3
67
0,08
43%
0,10
73%
0,00 00%
0,00
00%
ME
TZL
ER
INT
ERN
ATI
ON
AL
INV
. PL
C
0,00 00%
0,00
00%
0,00
00%
0,00
00%
105
.362
0,19
58%
0,24
93%
0,00 00%
0,00
00%
MI
FON
DS
K10
SPK
0,00 00%
0,00
00%
0,00
00%
0,00
00%
11.6
74
0,02
17%
0,02
76%
0,00 00%
0,00
00%
MM
SE
LEC
T E
QU
ITY
AS
SET
FU
ND
0,00 00%
0,00
00%
230 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
MS
CI E
AFE
SM
ALL
CA
P PR
OV
IND
EX
SEC
CO
MM
ON
TR
F
0,00 00%
0,00
00%
0,00
00%
0,00
00%
7.13
0
0,01
33%
0,01
69%
0,00 00%
0,00
00%
OR
FTS
ALI
A M
ID C
AP
MU
F L
YX
E IT
0,00 00%
0,00
00%
0,00
00%
0,00
00%
37.2
89
0,06
93%
0,08
82%
0,00 00%
0,00
00%
MU
L -
LYX
OR
ITA
LIA
EQ
UIT
Y P
IR
0,00 00%
0,00
00%
0,00
00%
0,00
00%
2.96
7
0,00
55%
0,00
70%
0,00 00%
0,00
00%
MU
NIC
IPA
L E
MP
LOY
EES
' AN
NU
ITY
AN
D B
ENE
FIT
FU
ND
OF
CH
ICA
GO
0,00 00%
0,00
00%
0,00
00%
0,00
00%
42.5
41
0,07
91%
0,10
06%
0,00 00%
0,00
00%
NIC
LOY
EES
' AN
OF
CH
ICA
GO
MU
IPA
L E
MP
NU
ITY
AN
D B
ENE
FIT
FU
ND
0,00 00%
0,00
00%
676 0,00
13%
0,00
16%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
NA
TIO
NA
L C
OU
NCI
L F
OR
SOC
IAL
SE
CUR
ITY
FU
ND
, P.R
.C
0,00 00%
0,00
00%
0,00
00%
0,00
00%
1.99
9
0,00
37%
0,00
47%
0,00 00%
0,00
00%
NA
TIO
NA
L R
AIL
ROA
D R
ETI
REM
ENT
INV
EST
ME
NT
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
1.89
8
0,00
35%
0,00
45%
0,00 00%
0,00
00%
NA
TIO
NA
L R
AIL
ROA
D R
ETI
REM
ENT
INV
EST
ME
NT
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
10.6
14
0,01
97%
0,02
51%
0,00 00%
0,00
00%
NA
TIO
NA
L W
EST
MIN
STE
R B
AN
K P
LC
AS
TRU
STE
E O
F K
ES
STR
AT
INV
F
0,00 00%
0,00
00%
0,00
00%
0,00
00%
2.19
8
0,00
41%
0,00
52%
0,00 00%
0,00
00%
NA
EST
P C
F O
AB
SOL
TW
DE
DEY
UTE
RT
N
0,00 00%
0,00
00%
0,00
00%
0,00
00%
52.9
96
0,09
85%
0,12
54%
0,00 00%
0,00
00%
NEB
RA
SKA
PU
BLI
C E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00 00%
0,00
00%
0,00
00%
0,00
00%
17.9
54
0,03
34%
0,04
25%
0,00 00%
0,00
00%
NEW
ME
XIC
O S
TAT
E IN
VES
TM
ENT
CO
UN
CIL
0,00 00%
0,00
00%
0,00
00%
0,00
00%
1.20
0
0,00
22%
0,00
28%
0,00 00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
0,00 00%
0,00
00%
0,00
00%
0,00
00%
316 0,00
06%
0,00
07%
0,00 00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
& A
NN
UIT
Y C
ORP
OR
0,00 00%
0,00
00%
0,00
00%
0,00
00%
3.74
2
0,00
70%
0,00
89%
0,00 00%
0,00
00%
YO
SUR
AN
CE
COM
PAN
NEW
RK
LIF
E IN
Y
0,00 00%
0,00
00%
0,00
00%
0,00
00%
2.17
3
0,00
40%
0,00
51%
0,00 00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00 00%
0,00
00%
0,00
00%
0,00
00%
897 0,00
17%
0,00
21%
0,00 00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00 00%
0,00
00%
0,00
00%
0,00
00%
228
.970
0,42
55%
0,54
17%
0,00 00%
0,00
00%
NEW
YO
RK
STA
TE
COM
MO
N R
ETI
REM
ENT
FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
6.38
1
0,01
19%
51%
0,01
0,00 00%
0,00
00%
NEW
ZE
ALA
ND
SU
PER
AN
NU
ATI
ON
FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
22 0,00
00%
0,00
01%
0,00 00%
0,00
00%
NK
B 1
051
3 G
LOB
AL
DIV
ERS
IFIE
D
0,00 00%
0,00
00%
0,00
00%
0,00
00%
13.5
56
0,02
52%
0,03
21%
0,00 00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00 00%
0,00
00%
13.0
08
0,02
42%
0,03
08%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00 00%
0,00
00%
255 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
NO
UST
GL
OBA
VES
S C
OLL
ECT
S TR
UST
RTH
ERN
TR
L IN
TM
ENT
IVE
FU
ND
0,00 00%
0,00
00%
4.28
8
0,00
80%
0,01
01%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
NTG
I-QM
CO
MM
ON
DA
ILY
AL
L C
OU
NW
D E
X-U
S IN
V M
KT
IND
EX
F N
ON
LEN
D
0,00 00%
0,00
00%
657 0,00
12%
0,00
16%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
OD
EY
INV
EST
ME
NTS
PL
C
0,00 00%
0,00
00%
0,00
00%
0,00
00%
39.0
00
0,07
25%
0,09
23%
0,00 00%
0,00
00%
OD
EY
INV
EST
ME
NTS
PL
C
0,00 00%
0,00
00%
0,00
00%
0,00
00%
9.56
7
0,01
78%
0,02
26%
0,00 00%
0,00
00%
ON
EPA
TH
GLO
BAL
SH
ARE
S - S
MA
LL
CAP
(UN
HED
GED
) IN
DEX
POO
L
0,00 00%
0,00
00%
1.18
6
0,00
22%
0,00
28%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
ORE
GO
N P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T SY
STE
M
0,00 00%
0,00
00%
2.49
2
0,00
46%
0,00
59%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
ORE
GO
N P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T SY
STE
M
0,00 00%
0,00
00%
3.32
0
0,00
62%
0,00
79%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
OW
ENS
CO
RNI
NG
DE
FIN
ED
BEN
EFI
T M
AS
TR
0,00 00%
0,00
00%
3.08
5
0,00
57%
0,00
73%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
PAN
AG
ORA
AS
SET
MA
NA
GEM
ENT
INC
0,00 00%
0,00
00%
0,00
00%
0,00
00%
113 0,00
02%
0,00
03%
0,00 00%
0,00
00%
PAN
AG
ORA
AS
SET
MA
NA
GEM
ENT
INC
0,00 00%
0,00
00%
0,00
00%
0,00
00%
64 0,00
01%
0,00
02%
0,00 00%
0,00
00%
PEN
SIO
N P
LAN
FO
R T
HE
EM
PLO
YEE
S O
F C
ON
COR
DIA
UN
IVE
RSI
TY
0,00 00%
0,00
00%
2.67
6
0,00
50%
0,00
63%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
PEN
SIO
N R
ESE
RVE
S IN
VES
TM
ENT
TR
UST
FU
ND
00%
00%
00% 00% 3.19
2
59% 00%
0,00 0,00 0,00 0,00 0,00 0,00
76%
0,00 0,00
00%
PEN
SIO
N R
ESE
RVE
S IN
VES
TM
ENT
TR
UST
FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
5.51
0
0,01
02%
0,01
30%
0,00 00%
0,00
00%
PHC
SM
CA
NT
ALL
P
0,00 00%
0,00
00%
1.71
9
0,00
32%
0,00
41%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
PIN
E IS
LAN
D II
I, L
LC
0,00 00%
0,00
00%
12.3
09
0,02
29%
0,02
91%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
PRO
DU
CER
-WR
ITE
RS
GU
ILD
OF
AM
ERI
CA
PEN
SIO
N P
LAN
0,00 00%
0,00
00%
0,00
00%
0,00
00%
378 0,00
07%
0,00
09%
0,00 00%
0,00
00%
PS F
R D
EVE
L M
AR
K E
X U
S SM
ALL
PO
RT
0,00 00%
0,00
00%
0,00
00%
0,00
00%
1.74
3
0,00
32%
0,00
41%
0,00 00%
0,00
00%
PS F
TSE
RAF
I EU
SM
UCI
TS
ETF
BN
YM
TCI
L
0,00 00%
0,00
00%
0,00
00%
0,00
00%
272 0,00
05%
0,00
06%
0,00 00%
0,00
00%
LIC
PLO
S R
AS
SOC
IAT
ION
OF
CO
PUB
EM
YEE
ETI
REM
ENT
NE
W M
EXI
0,00 00%
0,00
00%
0,00
00%
0,00
00%
1.54
0
0,00
29%
0,00
36%
0,00 00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00 00%
0,00
00%
5.32
0
0,00
99%
0,01
26%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00 00%
0,00
00%
6.41
2
0,01
19%
0,01
52%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
LIC
PLO
S R
SY
STE
M O
F O
HIO
PUB
EM
YEE
ETI
REM
ENT
0,00 00%
0,00
00%
4.96
8
0,00
92%
0,01
18%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00 00%
0,00
00%
32.4
12
0,06
02%
0,07
67%
0,00
00%
0,00
00%
0,00 00%
0,00
00%
QA
NTA
S SU
AU
TIO
AS
UST
FOR
E Q
AN
TAS
SU
UA
TIO
LAN
PER
NN
N L
IMI
TED
TR
EE
TH
PER
NN
N P
0,00 00%
0,00
00%
0,00
00%
0,00
00%
15.7
81
0,02
93%
0,03
73%
0,00 00%
0,00
00%
REN
AIS
SAN
CE
GLO
BAL
SM
ALL
-CA
P FU
ND
0,00 00%
0,00
00%
0,00
00%
0,00
00%
2.66
6
0,00
50%
0,00
63%
0,00 00%
0,00
00%
RET
AIL
EM
PLO
YEE
S SU
PER
AN
NU
ATI
ON
TR
UST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
117
.079
0,21
76%
0,27
70%
0,00 00%
0,00
00%
ROC
HE
U.S
. RE
TIR
EM
ENT
PL
AN
S M
AST
ER
TRU
ST
0,00 00%
0,00
00%
0,00
00%
0,00
00%
11.3
78
0,02
11%
0,02
69%
0,00 00%
0,00
00%
ROW
F G
T A
CW
I EX
US
0,00 00%
0,00
00%
0,00
00%
0,00
00%
50.2
45
0,09
34%
0,11
89%
0,00 00%
0,00
00%
RU
SSE
LL
INV
EST
ME
NT
COM
PAN
Y IV
PL
C
0,00
00%
0,00
00%
3.27
1
0,00
61%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RU
SSE
LL
INV
EST
ME
NT
COM
PAN
YM
ULT
I AS
SET
GR
OW
TH
STR
ATE
GY
FU
ND
0,00
00%
0,00
00%
7.01
5
0,01
30%
0,01
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RW
CIT
EA
FE
0,00
00%
0,00
00%
0,00
00%
0,00
00%
14.7
84
0,02
75%
0,03
50%
0,00
00%
0,00
00%
RYD
ER
COU
RT
INT
ERN
ATI
ON
AL
SM
ALL
CO
MP
AN
IES
FU
ND
(DS
T)
0,00
00%
0,00
00%
3.51
7
0,00
65%
0,00
83%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SAC
RAM
O C
OU
PLO
S R
SY
STE
ENT
NTY
EM
YEE
ETI
REM
ENT
M
0,00
00%
0,00
00%
0,00
00%
0,00
00%
21.6
15
0,04
02%
0,05
11%
0,00
00%
0,00
00%
SAN
DIE
GO
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
10.0
70
0,01
87%
0,02
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SBC
MA
STE
R P
ENS
ION
TR
UST
SB
C M
AST
ER
PEN
SIO
N T
RU
ST
208
0,00
00%
0,00
00%
0,00
00%
0,00
00%
19.4
11
0,03
61%
0,04
59%
0,00
00%
0,00
00%
SCH
ROD
ER
AD
VA
NCE
D B
ETA
GL
OBA
L E
QU
ITY
SM
A
0,00
00%
0,00
00%
20.0
27
0,03
72%
0,04
74%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
INT
ERN
ATI
ON
AL
SEL
ECT
ION
FU
ND
0,00
00%
0,00
00%
123
.808
0,23
01%
0,29
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
INT
ERN
ATI
ON
AL
SEL
ECT
ION
FU
ND
0,00
00%
0,00
00%
2.87
5
0,00
53%
0,00
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
PEN
SIO
N M
AN
AG
EM
ENT
LT
D
0,00
00%
0,00
00%
5.81
9
0,01
08%
0,01
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
WA
B IN
TER
NA
TIO
NA
L S
MA
LL-
CAP
EQ
UIT
Y E
TF
0,00
00%
0,00
00%
18.7
66
0,03
49%
0,04
44%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCS
NA
VIG
ATO
R F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
6.02
9
0,01
12%
0,01
43%
0,00
00%
0,00
00%
SEI
GL
OBA
L M
AST
ER
FUN
D P
LC
0,00
00%
0,00
00%
0,00
00%
0,00
00%
29.7
24
0,05
52%
0,07
03%
0,00
00%
0,00
00%
SEI
LU
PUS
AL
PHA
PA
N E
UR
OPE
AN
00% 00% 00% 00% 18.5
79
45% 40% 00%
0,00 0,00 0,00 0,00 0,03 0,04 0,00 0,00
00%
SHE
LL
PEN
SIO
NS
TRU
ST L
IMI
TED
AS
TR
UST
EE
OF
SHE
LL
CON
TRI
BUT
ORY
PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
4.59
8
0,00
85%
0,01
09%
0,00
00%
0,00
00%
SHE
LL
TRU
ST
(BE
RM
UD
A) L
IMI
TED
AS
TR
UST
EE
OF
THE
SH
ELL
INT
ERN
ATI
ON
AL
PEN
SIO
N F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
456 0,00
08%
0,00
11%
0,00
00%
0,00
00%
SHE
ST
(BE
A) L
AS
STE
E O
SHE
OV
ERS
EAS
C.P
LL
TRU
RM
UD
TD
TRU
F T
HE
LL
. FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.19
8
0,00
41%
0,00
52%
0,00
00%
0,00
00%
SOG
ECA
P A
CTI
ON
S SM
ALL
CA
P
0,00
00%
0,00
00%
0,00
00%
0,00
00%
102
.060
0,18
97%
0,24
14%
0,00
00%
0,00
00%
SON
DER
VER
MO
EGE
N B
KM
0,00
00%
0,00
00%
21.6
48
0,04
02%
0,05
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SON
DER
VER
MO
EGE
N K
MF
0,00
00%
0,00
00%
38.1
34
0,07
09%
0,09
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SPD
R S
&P
WO
RLD
(EX
-US
) ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
24.6
39
0,04
58%
0,05
83%
0,00
00%
0,00
00%
SS B
K A
UST
CO
AN
DS
FOR
TA
ND
TR
MP
Y IN
V F
UN
XEX
EM
PT
RET
IRE
ME
NT
PL
0,00
00%
0,00
00%
0,00
00%
0,00
00%
21.1
83
0,03
94%
0,05
01%
0,00
00%
0,00
00%
SS B
K A
ND
TR
UST
CO
MP
AN
Y IN
V F
UN
DS
FOR
TA
XEX
EM
PT
RET
IRE
ME
NT
PL
0,00
00%
0,00
00%
0,00
00%
0,00
00%
18.6
51
0,03
47%
0,04
41%
0,00
00%
0,00
00%
SSG
A S
PDR
ET
FS E
URO
PE
II PU
BLIC
LIM
ITED
CO
MPA
NY
0,00
00%
0,00
00%
0,00
00%
0,00
00%
929 0,00
17%
0,00
22%
0,00
00%
0,00
00%
SSG
A S
PDR
ET
FS E
URO
PE
II PU
BLIC
LIM
ITED
CO
MPA
NY
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.06
1
0,00
57%
0,00
72%
0,00
00%
0,00
00%
SSG
A S
FS E
URO
BLIC
CO
PDR
ET
PE
II PU
LIM
ITED
MPA
NY
0,00
00%
0,00
00%
0,00
00%
0,00
00%
81 0,00
02%
0,00
02%
0,00
00%
0,00
00%
STA
OF
ALA
SKA
AN
S PL
AN
S
TE
RE
TIR
EM
ENT
D B
ENE
FIT
0,00
00%
0,00
00%
0,00
00%
0,00
00%
7.65
8
0,01
42%
0,01
81%
0,00
00%
0,00
00%
STA
TE
OF
ALA
SKA
RE
TIR
EM
ENT
AN
D B
ENE
FIT
S PL
AN
S
0,00
00%
0,00
00%
0,00
00%
0,00
00%
194 0,00
04%
0,00
05%
0,00
00%
0,00
00%
STA
TE
OF
NEW
JER
SEY
CO
MM
ON
PE
NSI
ON
FU
ND
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
56.0
08
0,10
41%
0,13
25%
0,00
00%
0,00
00%
STI
CHT
ING
PE
NSI
OEN
FON
DS
VO
OR
HU
ISA
RTS
EN
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.90
3
35%
0,00
45%
0,00
0,00
00%
0,00
00%
STI
CHT
ING
PH
ILIP
S PE
NSI
OEN
FON
DS
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.77
8
0,00
70%
0,00
89%
0,00
00%
0,00
00%
STI
CHT
ING
SH
ELL
PE
NSI
OEN
FON
DS
0,00
00%
0,00
00%
0,00
00%
0,00
00%
7.10
2
0,01
32%
0,01
68%
0,00
00%
0,00
00%
SUN
SUP
ER
SUP
ERA
NN
UA
TIO
N F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
10.3
76
0,01
93%
0,02
45%
0,00
00%
0,00
00%
TEA
CHE
RS'
RET
IRE
ME
NT
SYS
TEM
OF
TH
E S
TAT
E O
F IL
LIN
OIS
0,00
00%
0,00
00%
0,00
00%
0,00
00%
102
.138
0,18
98%
0,24
16%
0,00
00%
0,00
00%
TEA
CHE
RS'
S R
SY
STE
M O
F O
KLA
HO
MA
ETI
REM
ENT
0,00
00%
0,00
00%
0,00
00%
0,00
00%
64.4
93
0,11
99%
0,15
26%
0,00
00%
0,00
00%
TEX
AS
MU
NIC
IPA
L R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
0,00
00%
0,00
00%
61.7
92
0,11
48%
0,14
62%
0,00
00%
0,00
00%
THE
AR
ROW
STR
EET
CO
MM
ON
CON
TRA
CTU
AL
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
17.2
58
0,03
21%
0,04
08%
0,00
00%
0,00
00%
THE
AR
ROW
STR
EET
CO
MM
ON
CON
TRA
CTU
AL
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
15.4
64
0,02
87%
0,03
66%
0,00
00%
0,00
00%
THE
BO
EIN
G C
OM
PAN
Y E
MP
LOY
EE
RET
IRE
ME
NT
P
0,00
00%
0,00
00%
0,00
00%
0,00
00%
776 0,00
14%
0,00
18%
0,00
00%
0,00
00%
BO
G C
OM
PAN
LOY
THE
EIN
Y E
MP
EE
RET
IRE
ME
NT
P
0,00
00%
0,00
00%
0,00
00%
0,00
00%
53.5
97
0,09
96%
0,12
68%
0,00
00%
0,00
00%
THE
GB
C IN
TL
GRO
WT
H F
UN
D
00% 00% 00% 00% 35.3
33
57% 36% 00%
THE
ME
THO
DIS
T H
OSP
ITA
L
0,00
00%
0,00
00%
0,00
00%
0,00
00%
15.1
83
0,06
82%
0,08
59%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00 0,00 0,00 0,00 0,02 0,03 0,00 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
47 0,00
01%
0,00
01%
0,00
00%
0,00
00%
GEN
TS
OF
RSI
OF
CAL
IFO
THE
RE
THE
UN
IVE
TY
RNI
A
0,00
00%
0,00
00%
0,00
00%
0,00
00%
78 0,00
01%
0,00
02%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3 0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
0,00
00%
0,00
00%
57 0,00
01%
0,00
01%
0,00
00%
0,00
00%
THE
ST
ATE
OF
CO
NN
ECT
ICU
T A
CTI
NG
THR
OU
GH
ITS
TR
EAS
URE
R
0,00
00%
0,00
00%
0,00
00%
0,00
00%
83.3
56
0,15
49%
0,19
72%
0,00
00%
0,00
00%
EYS
TON
THE
TIF
F K
E F
UN
D, L
.P.
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.27
8
0,00
24%
0,00
30%
0,00
00%
0,00
00%
THE
TR
UST
EES
OF
CA
TER
PIL
LAR
PE
NSI
ON
PL
AN
0,00
00%
0,00
00%
0,00
00%
0,00
00%
9.47
1
0,01
76%
0,02
24%
0,00
00%
0,00
00%
THE
WA
WA
NES
A M
UTU
AL
INS
URA
NCE
CO
MP
AN
Y
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.23
8
0,00
60%
0,00
77%
0,00
00%
0,00
00%
TIA
A-C
REF
INT
ERN
ATI
ON
AL
SM
ALL
-CA
P E
QU
ITY
FU
ND
0,00
00%
0,00
00%
28.0
00
0,05
20%
0,06
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TIF
F IN
VES
TM
ENT
PR
OG
RAM
, IN
C -
TIF
F M
ULT
I-A
SSE
T F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
13.7
80
0,02
56%
0,03
26%
0,00
00%
0,00
00%
TOU
CHS
TON
E S
TRA
TEG
IC T
ST-
RU
INT
0,00
00%
0,00
00%
54.9
71
0,10
22%
0,13
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.47
4
0,00
27%
0,00
35%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
837 0,00
16%
0,00
20%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.79
0
0,00
33%
0,00
42%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.27
8
0,00
24%
0,00
30%
0,00
00%
0,00
00%
UA
DIC
AL
TS
ST
W R
ETI
REE
ME
BEN
EFI
TRU
0,00
00%
0,00
00%
0,00
00%
0,00
00%
900 0,00
17%
0,00
21%
0,00
00%
0,00
00%
UB
S (U
S) G
ROU
P T
RU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
717 0,00
13%
0,00
17%
0,00
00%
0,00
00%
UB
S ET
F
0,00
00%
0,00
00%
0,00
00%
0,00
00%
157 0,00
03%
0,00
04%
0,00
00%
0,00
00%
H05
UB
S FU
ND
MG
T (C
H) A
G C
16/U
BSC
HIF
2-E
GSC
PII
0,00
00%
0,00
00%
0,00
00%
0,00
00%
4.44
7
0,00
83%
05%
0,01
0,00
00%
0,00
00%
US
STE
EL
CAN
AD
A IN
C M
AST
ER
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.74
7
0,00
70%
0,00
89%
0,00
00%
0,00
00%
UTA
H S
TAT
E R
ETI
REM
ENT
SY
STE
MS
0,00
00%
0,00
00%
2.11
2
0,00
39%
0,00
50%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
DEV
EL
ALL
-CA
P E
X N
ORT
H A
ME
RIC
A E
QT
IND
PO
OLE
D F
UN
D
0,00
00%
0,00
00%
35 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
DEV
ELO
PED
MA
RKE
TS
IND
EX
FUN
D
0,00
00%
0,00
00%
104
.389
0,19
40%
0,24
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
OPE
AN
ST
OCK
RD
EUR
IND
EX
FUN
D
0,00
00%
0,00
00%
45.8
30
0,08
52%
0,10
84%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E A
LL
WO
RLD
SM
ALL
CA
P IN
D F
U
0,00
00%
0,00
00%
42.2
30
0,07
85%
0,09
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E D
EVE
LOP
ED
ALL
CA
P E
X N
ORT
H A
ME
RIC
A IN
DEX
ET
F
0,00
00%
0,00
00%
414 0,00
08%
0,00
10%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E D
EVE
LOP
ED
EUR
OPE
AL
L C
AP
IND
EX
ETF
0,00
00%
0,00
00%
396 0,00
07%
0,00
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INT
ERN
ATI
ON
AL
SM
ALL
CO
MP
AN
IES
I
0,00
00%
0,00
00%
2.03
6
0,00
38%
0,00
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
S IC
VC
-VA
NG
UA
FTS
E G
LOB
AL
L C
AP
RD
INV
FU
ND
RD
IND
FU
ND
0,00
00%
0,00
00%
40 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INV
EST
ME
NT
SER
IES
, PL
C
0,00
00%
0,00
00%
5.42
2
0,01
01%
0,01
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
TOT
AL
INT
ERN
ATI
ON
AL
STO
CK
IND
EX
0,00
00%
0,00
00%
251
.627
0,46
76%
0,59
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
TOT
AL
WO
RLD
ST
OCK
IND
EX
FUN
D
0,00
00%
0,00
00%
6.21
3
0,01
15%
0,01
47%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
API
RFO
AK
SJE
GLO
BAL
SM
ALL
CA
S I
VER
DIP
ND
ET
KLP
P IN
DEK
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.95
3
0,00
36%
0,00
46%
0,00
00%
0,00
00%
VFM
SM
ALL
CO
MP
AN
IES
TR
UST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
30.4
80
0,05
66%
0,07
21%
0,00
00%
0,00
00%
VFM
C IN
TER
NA
TIO
NA
L E
QU
ITY
TR
UST
1
0,00
00%
0,00
00%
0,00
00%
0,00
00%
17.2
52
0,03
21%
0,04
08%
0,00
00%
0,00
00%
VFM
C IN
TER
NA
TIO
NA
L E
QU
ITY
TR
UST
2
0,00
00%
0,00
00%
0,00
00%
0,00
00%
36.4
29
0,06
77%
0,08
62%
0,00
00%
0,00
00%
VIR
GIN
IA R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
0,00
00%
0,00
00%
38.2
02
0,07
10%
0,09
04%
0,00
00%
0,00
00%
WA
SAT
CH
GLO
BAL
OP
POR
S FU
TUN
ITIE
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
16.9
16
0,03
14%
0,04
00%
0,00
00%
0,00
00%
WA
SAT
CH
INT
ERN
ATI
ON
AL
GRO
WT
H F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
327
.680
0,60
89%
0,77
52%
0,00
00%
0,00
00%
WA
SAT
CH
INT
L S
MA
LL
CAP
GR
OW
TH
0,00
00%
0,00
00%
0,00
00%
0,00
00%
11.6
05
0,02
16%
0,02
75%
0,00
00%
0,00
00%
WA
SHI
NG
TON
ST
ATE
INV
EST
ME
NT
BOA
RD
0,00
00%
0,00
00%
0,00
00%
0,00
00%
5
7.62
0,01
42%
0,01
80%
0,00
00%
0,00
00%
WE
ST V
IRG
INIA
INV
EST
ME
NT
MA
NA
GEM
ENT
BO
ARD
0,00
00%
0,00
00%
0,00
00%
0,00
00%
6.28
5
0,01
17%
0,01
49%
0,00
00%
0,00
00%
WH
EEL
S C
OM
MO
N IN
VES
TM
ENT
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
660 0,00
12%
0,00
16%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R C
OLL
ECT
IVE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
111
.636
0,20
75%
0,26
41%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R C
OLL
ECT
IVE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
0,00
00%
0,00
00%
60.4
24
0,11
23%
0,14
29%
0,00
00%
0,00
00%
LIA
LAI
NA
TIO
NA
L S
MA
CAP
GR
OW
WIL
M B
R IN
TER
LL
TH
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
135
.200
0,25
12%
0,31
98%
0,00
00%
0,00
00%
WIS
DO
MT
REE
DY
NA
MIC
CU
RRE
NCY
HE
DG
ED
INT
RNL
SM
ALL
CAP
0,00
00%
0,00
00%
0,00
00%
0,00
00%
762 0,00
14%
0,00
18%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E D
IVID
END
GR
OW
TH
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.24
9
0,00
42%
0,00
53%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E H
EDG
ED
SM
ALL
CAP
EQ
UIT
Y F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
11.9
32
0,02
22%
0,02
82%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E L
OCA
L R
ECO
VER
Y F
UN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
3.44
9
0,00
64%
0,00
82%
0,00
00%
0,00
00%
WIS
DO
ROP
E S
MA
LLC
AP
MT
REE
EU
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
119
.537
0,22
21%
0,28
28%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
ERN
ATI
ON
AL
HED
GED
DIV
IDE
ND
GR
OW
TH
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
14.3
17
0,02
66%
0,03
39%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
ERN
ATI
ON
AL
QU
ALI
TY
DIV
IDE
ND
GR
OW
TH
FUN
D
0,00
00%
0,00
00%
0,00
00%
0,00
00%
564 0,00
10%
0,00
13%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
ERN
ATI
ON
AL
SM
ALL
CAP
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
96.9
64
0,18
02%
0,22
94%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
L Q
UA
LIT
Y D
IVID
END
GR
OW
TH
IND
EX
ETF
0,00
00%
0,00
00%
0,00
00%
0,00
00%
470 0,00
09%
0,00
11%
0,00
00%
0,00
00%
WIS
DO
L Q
UA
GR
OW
VA
RIA
DG
MT
REE
INT
LIT
Y D
VD
TH
BLY
HE
ED
IND
EX
ETF
0,00
00%
0,00
00%
0,00
00%
0,00
00%
286 0,00
05%
0,00
07%
0,00
00%
0,00
00%
WIS
DO
MT
REE
ISS
UER
PU
BLI
C L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
0,00
00%
0,00
00%
58 0,00
01%
0,00
01%
0,00
00%
0,00
00%
WIS
DO
MT
REE
ISS
UER
PU
BLI
C L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
0,00
00%
0,00
00%
2.29
6
0,00
43%
0,00
54%
0,00
00%
0,00
00%
PO
OL
- EQ
IES
UST
NO
. 72
WM
UIT
TR
0,00
00%
0,00
00%
0,00
00%
0,00
00%
21.6
33
0,04
02%
0,05
12%
0,00
00%
0,00
00%
WY
OM
ING
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
33.6
79
0,06
26%
0,07
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TO
TAL
0
0,00
00%
36.1
43.7
80
67,1
679
%
85,5
057
%
6.12
6.81
6
11,3
858
%
14,4
943
%
0
0,00
00%
0,00
00%

The Board of Statutory Auditors' reasoned proposal to Banca IFIS S.p.A.'s Shareholders' Meeting

– amendment to fees for external auditors –

Dear Shareholders,

in view of the fact that pursuant to Article 13 of Italian Legislative Decree no. 39 of 2010, the appointment of external auditors is required to be submitted for the approval of the Shareholders' Meeting, on a reasoned proposal from the Supervisory Body, any modifications must follow the same procedure.

On 17th April 2014 – following the decision to engage the external auditor, EY S.p.A., for period 2014-2022 and having determined the corresponding fees – Banca IFIS highlighted a very different scope from the much larger one that was determined following the merger process to incorporate IFIS Factoring S.r.l. (with effects ex-Article 2504-bis, Italian Civil Code, from 1st August 2017 with effect for accounting/taxation purposes from 1st January 2017) and of Interbanca S.p.A. (with effects ex-Article 2504-bis, Italian Civil Code from 23rd October 2017 and with effect for accounting/taxation purposes from 1st January 2017).

Consequently, the Board of Statutory Auditors has received the letter of 1st December 2017 with which the external auditor, EY S.p.A., has requested that its fees be adapted for the greater range of activities that will be necessary following the merger process to incorporate Interbanca S.p.A. and IFIS Factoring S.r.l. into Banca IFIS S.p.A. compared with the original assignment of external audit activities assigned by Banca IFIS S.p.A.'s Shareholders' Meeting of 17th April 2014.

In this respect, it should be noted that EY S.p.A. had already been appointed as external auditor to both Interbanca S.p.A. and IFIS Factoring S.r.l.

Below are the main elements of EY S.p.A.'s request:

  • − the objective of the proposal is to inform the corporate bodies of the timescales and amended fees – for external auditing services included in the proposal of 11th March 2014, approved by Banca IFIS S.p.A.'s Shareholders' Meeting held on 17th April 2014 – for the period 2017-2022;
  • the original proposal in chapter V "Amendment to fees due to external auditors" stated that "fees may be reviewed at the end of each financial year to consider any particular circumstances which may increase or reduce agreed timescales (significant structural changes, exceptional or unforeseeable situations, etc.) ..... The parties will promptly notify each other of any variation in fees.";
  • with regard to supplementary activities undertaken only when auditing the 2017 financial statement, following the above merger, EY S.p.A. – acting as external auditor for the acquiring company – must extend its control activities:
    1. to operations regarding the acquired companies, starting from the date on which the transaction took legal effect;
    1. on the Parent Company's financial statements, including assets, liabilities and operations arising from acquired companies, prepared after the merger.

Given that the effective dates for the merger operation were in the second half of 2017, the external auditor's activities for the 2017 financial year included a limited audit of the half-yearly report and periodic checks in light of the original assignments.

Moreover, the proposal to amend the timescale and fees presented by EY S.p.A. makes it clear that, even having planned specific checking activities on the correct accounting of the merger operations and in particular on the effects and impacts originating from the merger records, no additional fees were estimated for performing these specific activities, that are to be included in agreed fees;

  • regarding supplementary activities for 2018-2022, the merger operations caused a significant structural change, due to an increase in size and, therefore, the principal equity and financial indicators in the financial statement, yet they did not affect the consolidated financial statement. These changes have a significant effect on the auditing of Banca IFIS's financial statement, which must include the activities previously included in the audit activities for each incorporated company;
  • the following table details the timescale and fees in light of the significant structural changes identified for external auditing activities for 2018-2022; the timescale and fees for situations occurring solely in 2017 are also highlighted.
Original fees for Banca IFIS
with ISTAT adjustment
Amendment to
fees for
increased
audit activities
amendments to Fees including
procedures for
2018 - 2022
Fees including
amendments for
2017
hours fees with ISTAT
adjustment
hours fees hours fees hours fees
Audit of financial statement 1,225 76,331 375 27,669 1,600 104,000 1,600 104,000
Audit of consolidated
financial statement
100 6,572 50 3,428 150 10,000 100 10,000
Quarterly checks pursuant
to Article 14, paragraph 1,
letter b) of the Decree
355 22,242 95 7,758 450 30,000 355 22,242
Limited audit of the half-
yearly report
455 28,814 145 11,186 600 40,000 455 28.814
Signing of tax declarations 60 3,539 30 2,461 90 6,000 90 6,000
2,195 137.498 695 52.502 2.890 190,000 2,600 171.056

The following must be highlighted:

  • for 2017, the estimation of hours and related additional fees for carrying out external auditing activities on Banca IFIS S.p.A.'s financial statement, is equal to 26% of the fees that the subsidiaries already approved for EY S.p.A. as external auditor;
  • for 2018-2022, the estimation of hours and related fees already considered, on the one hand, the reduction in costs for audit activities on the individual financial statements of the incorporated companies and, on the other, the necessity that EY S.p.A. continues to carry out specific audit activity – connected to the unusual activity carried out by the Company – on the incorporated company, Interbanca S.p.A. For 2018-2022, the additional fees are calculated to be 41% of the current fees due for audit activities originally carried out for the incorporated subsidiaries;
  • the total fees resulting from the amendment request rises from the current € 137,498 (for 2,195 hours) to € 190,000 (for 2,600 hours), an increase of about 38%;
  • all other clauses included in the original Proposal still apply, which state that the fees quoted are valid until 30th June 2018. At 1st July 2018, and at each successive 1st July, they will be amended, for the Italian companies, based on the total variation in the related ISTAT [Italian National Statistics Institute] index for the cost of living compared with the previous year (base June 2017). The above fees will be added to the reimbursement of total expenses for technology (databases, software, etc.) and secretarial services and communication equal to 8% of the fees, while reimbursements for costs incurred for carrying out the work (such as the costs of overnight stays and work carried out out of the normal office) will not be greater than 10% of the fees. VAT will also be charged;
  • the external auditor's amendment request is accompanied by details of the professional mix covered by the estimated additional (hours and fees).

The Board of Statutory Auditors has also acquired the positive assessments carried out by Banca IFIS's competent corporate structures that, in turn, have discussed the terms of the requested amendments, including financial terms, with the Heads of the External Auditor.

In particular, Financial Officing has given its assessments to the Board of Statutory Auditors on the suitability of the external auditor's amendment request and whether its contents are reasonable. Based on the above assessments and the checks carried out with the External Auditor, the Board of Statutory Auditors submits to the Shareholders' Meeting the proposal to amend the financial terms for external audit activities assigned to EY S.p.A. for approval, believing that:

  • the positive assessment on EY S.p.A.'s technical suitability is confirmed regarding the adequacy of its organisation and its knowledge of the Company and the Group, as well as its knowledge of the Company and Group's specific activities and their accounting and internal control systems;
  • the activities reported by EY S.p.A., with the relative amendment request, are inherent in performing the external audit activities it has been assigned and suitable with regard to the additional audit activities deriving from merger operations involving Banca IFIS during the 2017 financial year;
  • in formulating the fee amendment request, EY S.p.A. has provided suitable valuation elements regarding, in particular, the economic conditions set out in the same request, that appear to be consistent and coherent with the required professional commitment to be able to carry out the assigned task as well as substantially aligned with existing conditions.

Finally, the Board of Statutory Auditors recalls that in the approval of the previous Board of Statutory Auditors' reasoned proposal to assign the task of external audit to EY S.p.A. on 17th April 2014, the Shareholders' Meeting was already aware that "the forecasts of the number of hours necessary to carry out the assignment may be adapted only if circumstances arise, that are not foreseen at the time this proposal was formulated, that involve an increase in timescales … compared with what is set out in the proposal".

***

Dear Shareholders,

you are therefore invited to deliberate on the proposed adjustment of the fees due to the company EY S.p.A. until the expiry of the mandate; the Board of Statutory Auditors invites you to pass the following resolution:

"Banca IFIS S.p.A.'s Shareholders' Meeting

  • having noted Article 13 of Italian Legislative Decree no. 39 of 27th January 2010 (Implementation of Directive 2006/43/EC on external audit of annual accounts and consolidated accounts);
  • having noted the resolution passed by the Shareholders' Meeting on 17th April 2014;
  • having noted the content of the mandate assigned to the external auditors regarding the possibility of reviewing the fees to take into account any special circumstances likely to change the forecasted timescales;
  • having noted the completed incorporation into Banca IFIS S.p.A. of the ex subsidiary companies, Interbanca S.p.A. and IFIS Factoring S.r.l., during 2017 and that, in relation to this, the external auditor, EY S.p.A., assigned as external auditor for 2014-2022, has, on 1st December 2017, requested that the timescales and related fees be amended for additional audit activities compared with the services included in the proposal approved by Banca IFIS S.p.A.'s Shareholders' Meeting on 17th April 2014;
  • having examined this Board of Statutory Auditor's reasoned proposal containing the terms of the above external auditor's proposal and formulated based on the positive assessment carried out by Banca IFIS S.p.A.'s competent corporate structures, it is believed that:
  • (i) the positive assessment on EY S.p.A.'s technical suitability is confirmed regarding the adequacy of its organisation and its knowledge of the Company and the Group to which it belongs, as well as its knowledge of the Company and Group's specific activities and their accounting and internal control systems;
  • (ii) the activities reported by EY S.p.A., with the amendment request, are inherent in performing the audit activities it has been assigned and suitable with regard to the additional audit activities deriving from merger operations involving Banca IFIS during the 2017 financial year;
  • (iii) in formulating the fee amendment request, EY S.p.A. has provided suitable valuation elements regarding, in particular, the economic conditions set out in the same request, that appear to be consistent and coherent with the required professional commitment to be able to carry out the

assigned task as well as substantially aligned with existing conditions;

resolves

A) to amend the fees agreed in relation to external audit activities already assigned to EY S.p.A. within the timescales specified in the amendment request formulated by the above external auditor.

The resulting fees for the years 2017-2022 are quantified as follows:

1) for 2017

  • for auditing the financial statement € 104,000
  • for auditing the consolidated financial statement € 10,000
  • for signing tax declarations € 6,000
  • the original fees for the quarterly checks pursuant to Article 14, paragraph 1, letter b) of Decree 39/2010 remain unchanged at € 22,242, and for the limited audit of the half-yearly report at € 28,814;

2) for 2018–2022

  • for auditing the financial statement € 104,000
  • for auditing the consolidated financial statement € 10,000
  • for the quarterly checks pursuant to Article 14, paragraph 1, letter b) of Decree 39/2010 € 30,000
  • for the limited audit of the half-yearly report € 40,000
  • for signing tax declarations € 6,000;

3) in addition to increases in ISTAT [inflation figures], VAT, out-of-pocket expenses and supervisory fees required by Consob, under the terms and conditions agreed for the existing assignment, without prejudice to the latter's conditions;

B) to confer upon the President of the Board of Directors and the Chief Executive Officer – including severally – the broadest powers to carry out this resolution."

Venice, 5th March 2018.

The Board of Statutory Auditors

Giacomo Bugna

Giovanna Ciriotto

Massimo Miani

APPENDIX G

VOTING LIST FOR ITEM 3) OF THE AGENDA: Assigning external auditors: fees amendment

SHA
REH
OL
DER
N VO
NO
TIN
G
% o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
r
s' m
eeti
ng
FOR % o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
r
s' m
eeti
ng
AG
AIN
ST
% o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
rs
' me
etin
g
AB
STE
NTI
ON
S
% o
f SC
% o
f SC
sent
at
pre
Sha
reh
olde
r
s' m
eeti
ng
LA
SCO
GLI
ERA
S.P
.A.
0,00
00%
0,00
00%
27.0
16.8
47
50,2
068
%
63,9
140
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALB
IZZ
ATI
TIZ
IAN
O V
INC
ENZ
O
0,00
00%
0,00
00%
1.60
0
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALC
HIM
IA S
PA
0,00
00%
0,00
00%
1.07
6.24
7
2,00
00%
2,54
61%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BOA
LO'
PIE
TRO
AM
ERI
GO
0,00
00%
0,00
00%
8.50
0
0,0
158
%
0,02
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BO
SSI
GIO
VA
NN
I
0,00
00%
0,00
00%
1.83
8.64
6
3,4
169
%
4,34
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAR
RAR
O E
RM
AN
NO
0,00
00%
0,00
00%
260 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAS
I LA
URA
ELL
0,00
00%
0,00
00%
5
7.69
0,0
143
%
0,0
182
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CHI
ESA
DA
NIE
LA
0,00
00%
0,00
00%
1.60
0
0,00
30%
0,00
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FIO
REN
TIN
I GI
AN
LUC
A
0,00
00%
0,00
00%
20 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
NA
AN
CES
CA
DER
FR
0,00
00%
0,00
00%
1.07
0.42
2
1,98
92%
2,53
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
FFE
I FA
CCI
OLI
CA
RLO
FR
AN
CES
CO
JAC
OPO
0,00
00%
0,00
00%
39.0
00
0,07
25%
0,09
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
DO
LFO
FA
BRI
ZIO
0,00
00%
0,00
00%
3.24
2
0,00
60%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
POR
TAL
UPP
I AN
NA
MA
RIA
CR
IST
INA
0,00
00%
0,00
00%
7.50
0
0,0
139
%
0,0
177
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PRE
VE
COS
TRU
ZIO
NI S
PA
0,00
00%
0,00
00%
1.15
2.50
0
2,14
18%
2,72
65%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RIC
CAR
DO
PRE
VE
0,00
00%
0,00
00%
94.0
00
0,17
47%
0,22
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RIZ
ZAR
DI R
AFF
AEL
E
0,00
00%
0,00
00%
1.00
0
0,00
19%
0,00
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
CCI
ON
E A
LBE
RTO
0,00
00%
0,00
00%
140
.000
0,26
02%
0,33
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
119
9 SE
IU H
EAL
TH
CAR
E E
MP
LOY
EES
PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
0,00
00%
0,00
00%
1.25
2
0,00
23%
0,00
30%
0,00
00%
0,00
00%
700
30 P
D G
LOB
ALE
AK
TIE
R V
II
0,00
00%
0,00
00%
27.
192
0,05
05%
0,06
43%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ACC
IDE
NT
COM
PEN
SAT
ION
CO
RPO
RAT
ION
0,00
00%
0,00
00%
9.18
6
0,0
171
%
0,02
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AGI
PV
WS
RC
M IN
D 84
90 0
7 52
10 S
PK
0,00
00%
0,00
00%
8.28
5
0,0
154
%
0,0
196
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALA
SKA
PE
RM
AN
ENT
FU
ND
CO
RPO
RAT
ION
0,00
00%
0,00
00%
1.66
3
0,00
31%
0,00
39%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALA
SKA
AN
CO
RPO
RAT
ION
PE
RM
ENT
FU
ND
0,00
00%
0,00
00%
2.98
1
0,00
55%
0,00
71%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALK
EN
FUN
D
0,00
00%
0,00
00%
641
.961
1,19
30%
1,5
187
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALK
EN
FUN
D
0,00
00%
0,00
00%
270
.745
0,50
31%
0,64
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
Z G
I FO
ND
S Q
UO
NIA
M S
MC
0,00
00%
0,00
00%
27.3
73
0,05
09%
0,06
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
ND
S G
AN
O 2
0,00
00%
0,00
00%
2.40
1
0,00
45%
0,00
57%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
S PF
2
ND
0,00
00%
0,00
00%
10.2
34
0,0
190
%
0,02
42%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
FO
ND
S PT
V2
0,00
00%
0,00
00%
9.42
6
0,0
175
%
0,02
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ALL
IAN
ZGI
-FO
ND
S D
SPT
0,00
00%
0,00
00%
690 0,00
13%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AM
ERI
CAN
HO
ND
A M
AST
ER
RET
IRE
ME
NT
TRU
ST
00% 00% 12.8
47
39% 04% 00% 00% 00%
AM
UN
DI A
CTI
ON
S PM
E E
SR
0,00
0,00
00%
0,00
0,00
00%
246
.312
0,02
0,45
77%
0,03
0,58
27%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
AM
UN
DI E
TF
FTS
E IT
ALI
A P
IR U
CIT
S E
TF
DR
00% 00% 5.28
7
98% 125
%
00% 00% 00%
AM
UN
DI F
UN
DS
SIC
AV
0,00
0,00
00%
0,00
0,00
00%
234
.448
0,00
0,43
57%
0,0
0,55
46%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
R IN
TER
NA
TIO
NA
L S
MA
LL
CAP
UIT
Y F
UN
D, L
.P.
0,00
00%
0,00
00%
8.90
0
0,0
165
%
0,02
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
AQ
EQ
ARR
OW
STR
NA
DA
OBA
L A
COU
Y A
A E
NSI
ON
EET
LL-
NTR
LPH
XTE
E F
UN
D I
00% 00% 9.74
9
81% 31% 00% 00% 00%
(CA
) GL
ARR
OW
STR
EET
NA
DA
OBA
L A
LL-
COU
NTR
Y F
UN
D I
0,00
00%
0,00
00%
22.3
39
0,01
15%
0,02
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
(CA
) GL
ARR
OW
STR
EET
NA
DA
TL
DEV
ELO
PED
MA
RKE
T E
X U
S FU
ND
I
0,00
00%
0,00
00%
2.79
9
0,04
52%
0,05 0,00
00%
0,00
00%
0,00
00%
0,00
00%
(CA
) IN
0,00 0,00 0,00 0,00
66%
0,00 0,00 0,00 0,00
00%
ARR
OW
STR
EET
AC
WI
ALP
HA
EXT
ENS
ION
FU
ND
III
CAY
MA
N L
IMI
TED
0,00
00%
0,00
00%
4.9
18
0,00
91%
0,0
116
%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
CA
PIT
AL
GLO
BAL
AL
L C
OU
NTR
Y A
LPH
A E
XTE
NSI
ON
FU
ND
0,00
00%
0,00
00%
3.39
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
CA
AL
GLO
BAL
EQ
ALP
HA
AX
SIO
EET
PIT
UIT
Y -
TEN
N F
UN
D L
IMI
TED
0,00
00%
0,00
00%
17.4
99
0,03
25%
0,04
14%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
EA
FE
ALP
HA
EXT
ENS
ION
FU
ND
II
0,00
00%
0,00
00%
19.0
55
0,03
54%
0,04
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OST
REE
T IN
TER
NA
TIO
NA
L E
QU
ITY
AC
WI
EX
US
TRU
ST F
UN
D
0,00
00%
0,00
00%
11.4
29
0,02
12%
0,02
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OST
REE
T M
ULT
Y S
TRA
TEG
Y U
MB
REL
LA
PLC
0,00
00%
0,00
00%
18.0
04
0,03
35%
0,04
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ARR
OW
STR
EET
WO
RLD
SM
ALL
CA
P E
QU
ITY
AL
PHA
EX
STE
NTI
ON
FU
ND
(CA
YM
AN
) LI
MIT
ED
0,00
00%
0,00
00%
14.3
10
0,02
66%
0,03
39%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ATL
AS
QU
AN
ATI
TRA
G F
TIT
VE
DIN
UN
D L
TD
0,00
00%
0,00
00%
270 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BAN
K O
F A
ME
RIC
AO
MN
IBU
S
0,00
00%
0,00
00%
349 0,00
06%
0,00
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%

Share capital € 53.811.095,00 SC present at Shareholders' meeting € 42.270.596,00

BGI
MS
CI E
AFE
SM
ALL
CA
P E
QU
ITY
IND
EX
FUN
D B
0,00
00%
0,00
00%
2.54
4
0,00
47%
0,00
60%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BLA
CKR
OCK
AM
SC
H A
G O
BO
BIF
S W
ORL
D E
X S
W S
MA
LL
CAP
EQ
IND
EX
F
0,00
00%
0,00
00%
126 0,00
02%
0,00
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BLA
CKR
OCK
INS
ST C
O N
A IN
DSF
OR
PLO
T T
RU
V F
UN
EM
YEE
BE
NEF
IT T
R
0,00
00%
0,00
00%
13.0
03
0,02
42%
0,03
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BLA
CKR
OCK
INS
TITU
TION
AL T
RUS
T CO
MPA
NY N
.A. IN
VES
TME
NT F
UND
S FO
R EM
PLO
YEE
BEN
EFIT
TRU
STS
0,00
00%
0,00
00%
19.7
30
0,03
67%
0,04
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BNY
ME
LLO
N E
MP
LOY
EE
BEN
EFI
T C
OLL
ECT
IVE
INV
EST
ME
NT
FUN
D P
LAN
0,00
00%
0,00
00%
889 0,00
17%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BNY
MT
D C
F M
ITO
N E
UR
OPE
AN
OP
PS F
UN
D
0,00
00%
0,00
00%
138
.712
0,25
78%
0,32
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
BO
STO
N P
ATR
IOT
CO
NG
RES
S ST
LL
C C
/O P
AN
AG
ORA
AS
SET
MA
NA
GEM
ENT
, IN
C.
0,00
00%
0,00
00%
648 0,00
12%
0,00
15%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
A P
IC E
LOY
EES
SY
STE
RNI
UBL
MP
RE
TIR
EM
ENT
M
0,00
00%
0,00
00%
42.2
68
0,07
85%
0,10
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A P
UBL
IC E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
2.82
2
0,00
52%
0,00
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
3.74
2
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
216 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAL
IFO
RNI
A S
TAT
E T
EAC
HER
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
12.1
38
0,02
26%
0,02
87%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAR
PIM
KO
PM
CA
PI H
0,00
00%
0,00
00%
19.0
00
0,03
53%
0,04
49%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAS
EY
FP H
OSK
ING
GL
OBA
L
0,00
00%
0,00
00%
7.63
5
0,01
42%
0,01
81%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CAT
ERP
ILL
AR
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
10.3
57
0,01
92%
0,02
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CBO
SC
CB
GS-
WG
SS0
2 N
ATF
EW
0,00
00%
0,00
00%
19.8
11
0,03
68%
0,04
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CCL
&L
Q G
ROU
P G
LOB
AL
EQU
ITY
FU
ND
0,00
00%
0,00
00%
100 0,00
02%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CE8
F W
ILL
IAM
BL
AIR
ISC
E
0,00
00%
0,00
00%
47.9
96
0,08
92%
0,11
35%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CEN
TUR
YLI
NK
INC
. DE
FIN
ED
BEN
EFI
T M
AST
ER
TRU
ST
0,00
00%
0,00
00%
8.18
0
0,01
52%
0,01
94%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CEN
TUR
YLI
NK
INC
. DE
FIN
ED
CON
TRI
BUT
ION
PL
AN
MA
STE
R T
RU
ST
0,00
00%
0,00
00%
6.50
9
0,01
21%
0,01
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CF
AC
U.S
DV
WI
EX-
. IM
I FU
ND
0,00
00%
0,00
00%
83 0,00
02%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CFP
BE
ST
SUS
T E
UR
FUN
D
0,00
00%
0,00
00%
8.21
9
0,01
53%
0,01
94%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
00% 00% 1.14
0
21% 27% 00% 00% 00%
CH0
526
- UB
S (C
H) IN
STIT
UTIO
NAL
FUN
D - E
QUIT
IES
GLO
BAL
SMA
LL C
AP P
ASS
IVE
II
CIT
Y O
F L
OS
AN
GEL
ES
FIR
E A
ND
PO
LIC
E P
ENS
ION
PL
AN
0,00
00%
0,00
00%
3.36
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
DEF
ERR
ED
COM
PEN
SAT
ION
PL
AN
0,00
00%
0,00
00%
31.7
72
0,00
90%
0,00
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
YO
GRO
ST
F N
EW
RK
UP
TRU
0,00
00%
0,00
00%
2.43
6
0,05
45%
0,07
58%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
YO
RK
GRO
ST
0,00 0,00 3.38
8
0,00 0,00 0,00 0,00 0,00 0,00
00%
F N
EW
UP
TRU
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
4.10
3
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
00%
0,00
00%
00%
10.1
26
0,00
76%
88%
0,00
97%
40%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
688 0,01
13%
0,02
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
Y O
F N
EW
YO
RK
GRO
UP
TRU
ST
0,00
00%
0,00
00%
1.26
7
0,00
24%
0,00
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COL
LEG
E R
ETI
REM
ENT
UIT
IES
FU
0,00
00%
0,00
00%
126
.850
0,00
57%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
EQ
ND
CON
NEC
TIC
UT
GEN
ERA
L L
IFE
INS
URA
NCE
CO
MP
AN
Y
0,00
00%
0,00
00%
65 0,23
01%
0,30
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COP
RO
CK
ATI
ON
AL
SM
ALL
CA
PER
INT
ERN
P FU
ND
0,00
00%
0,00
00%
196
.013
0,00
43%
0,00
37%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
COU
NSE
L G
LOB
AL
SM
ALL
CA
P
0,00
00%
0,00
00%
32.6
59
0,36
07%
0,46
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CPA
CO
P PS
ERS
WA
SAT
CH
AD
VIS
ORS
0,00
00%
0,00
00%
57.2
55
0,06
64%
0,07
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CTJ
RE
ST
AN
LIB
GL
OBA
L E
OSK
0,00
00%
0,00
00%
27.3
95
0,10
09%
0,13
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
Q H
ING
CTJ
RE
ST
AN
LIB
GL
OBA
L E
ITY
FD
0,00
00%
0,00
00%
1.90
0
0,05
35%
0,06
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
QU
AB
. SH
AW
AS
PTO
ATI
ON
D.E
YM
TE
INT
ERN
L L
TD
0,00
00%
0,00
00%
6 0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEL
TA
MA
STE
R T
RU
ST
0,00
00%
0,00
00%
48.7
86
0,00
07%
0,00
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEL
TA
PIL
OTS
DIS
ABI
LIT
Y A
ND
SU
RVI
VO
RSH
IP
0,00 0,00 5.01
8
0,09 0,11 0,00 0,00 0,00 0,00
00%
0,00
00%
0,00
00%
0,00
93%
0,01
19%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DEU
TSC
HE
X-T
RAC
KER
S M
SCI
EM
U H
EDG
ED
EQU
ITY
ET
F
0,00
00%
0,00
00%
154 0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DIG
NIT
Y H
EAL
TH
0,00
00%
0,00
00%
5.56
1
0,01
03%
0,01
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DO
ION
SOU
RCE
S IN
C. M
AST
ST
MIN
RE
ER
TRU
0,00
00%
0,00
00%
2.47
3
0,00
46%
0,00
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FCP
AS
TOR
G C
ROI
SSA
NCE
MI
D C
AP
0,00
00%
0,00
00%
8.56
2
0,01
59%
0,02
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FCP
GR
OU
PAM
A A
VEN
IR E
UR
O
0,00
00%
0,00
00%
789
.968
1,46
80%
1,86
88%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FCP
HS
BC
TEC
OLO
GIE
HN
0,00
00%
0,00
00%
41.6
93
0,07
75%
0,09
86%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FID
ELI
TY
SAL
ST
T S
PAR
TAN
TO
TAL
INT
IN
F
0,00
00%
0,00
00%
642 0,00
12%
0,00
15%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FIR
ST T
RU
ST D
EV
MA
RK
EX
US
SM
ALL
CA
P A
LP
0,00
00%
0,00
00%
887 0,00
16%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
XSH
ARE
S MO
GST
AR D
LOP
ARK
ETS
US F
ACT
OR T
FLE
RNIN
EVE
ED M
EX-
ILT
IND
EX F
UND
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00
00%
00%
0,00
00%
00%
1.61
7
4.17
4
0,00
30%
78%
0,00
38%
99%
0,00
00%
00%
0,00
00%
00%
0,00
00%
00%
0,00
00%
0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00
00%
FLO
A R
SY
STE
RID
ETI
REM
ENT
M .
0,00
00%
0,00
00%
132
.486
0,24
62%
0,31
34%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
FLO
RID
A R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
6.14
2
0,01
14%
0,01
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GEN
ERA
LI S
MA
RT
FUN
DS
SIC
AV
0,00
00%
0,00
00%
5.45
5
0,01
01%
0,01
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GEN
ERA
LI S
MA
RT
FUN
DS
SIC
AV
0,00
00%
0,00
00%
9.15
2
0,01
70%
0,02
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
INS
TIT
UTI
ON
S PE
NSI
ON
FU
ND
0,00
00%
0,00
00%
965 0,00
18%
0,00
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
OF
NO
AY
VER
NM
ENT
RW
0,00
00%
0,00
00%
646
.539
1,20
15%
1,52
95%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
OF
NO
RW
AY
0,00
00%
0,00
00%
262
.924
0,48
86%
0,62
20%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GO
VER
NM
ENT
SU
PER
AN
NU
ATI
ON
FU
ND
0,00
00%
0,00
00%
12.9
94
0,02
41%
0,03
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GTT
A P
AN
THE
R F
UN
D L
P
0,00
00%
0,00
00%
159 0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HA
RTF
ORD
MU
LTI
FAC
TOR
GL
OBA
L S
MA
LL
CAP
ET
F
0,00
00%
0,00
00%
242 0,00
04%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
GL
OBA
L F
UN
D P
LC
0,00
00%
0,00
00%
252
.190
0,46
87%
0,59
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
CO
LLE
CTI
VE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
40.2
64
0,07
48%
0,09
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
EQ
UIT
Y F
UN
D L
LC
0,00
00%
0,00
00%
19.8
36
0,03
69%
0,04
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
SKI
NG
PA
RTN
ERS
GL
OBA
L E
QU
ITY
TR
UST
0,00
00%
0,00
00%
7.97
8
0,01
48%
0,01
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HO
STP
LUS
PO
OLE
D S
RAN
ATI
ON
UST
UPE
NU
TR
0,00
00%
0,00
00%
45.2
78
0,08
41%
0,10
71%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
HSB
C G
LOB
AL
INV
EST
ME
NT
FUN
DS
0,00
00%
0,00
00%
140
.000
0,26
02%
0,33
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
IBM
401
K P
LUS
PL
AN
0,00
00%
0,00
00%
15.8
40
0,02
94%
0,03
75%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ILL
INO
IS M
UN
ICIP
AL
RET
IRE
ME
NT
FUN
D
0,00
00%
0,00
00%
67.9
49
0,12
63%
0,16
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ILL
INO
IS S
TAT
E B
OA
RD
OF
INV
EST
ME
NT
0,00
00%
0,00
00%
4.20
7
0,00
78%
0,01
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
IAN
A P
IC R
SY
STE
IND
UBL
ETI
REM
ENT
M
0,00
00%
0,00
00%
760 0,00
14%
0,00
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
INT
ERN
ATI
ON
AL
MO
NET
ARY
FU
ND
0,00
00%
0,00
00%
472 0,00
09%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
INT
ERN
ATI
ON
AL
MO
NET
ARY
FU
ND
0,00
00%
0,00
00%
241 0,00
04%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S A
LLC
OU
NTR
Y E
QU
ITY
IND
EX
FUN
D
0,00
00%
0,00
00%
107 0,00
02%
0,00
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S C
ORE
MS
CI E
AFE
ET
F
0,00
00%
0,00
00%
83.9
75
0,15
61%
0,19
87%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S C
ORE
MS
CI E
AFE
IM
I IN
DEX
ET
F
0,00
00%
0,00
00%
1.35
8
0,00
25%
0,00
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S II
I PU
BBL
IC L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
1.22
6
0,00
23%
0,00
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EA
FE
SM
ALL
CA
P E
TF
0,00
00%
0,00
00%
99.3
10
0,18
46%
0,23
49%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
S M
SCI
ROP
ARE
EU
E IM
I IN
DEX
ET
F
0,00
00%
0,00
00%
562 0,00
10%
0,00
13%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S M
SCI
EU
ROP
E S
MA
LL-
CAP
ET
F
0,00
00%
0,00
00%
3.70
7
0,00
69%
0,00
88%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S V
II P
LC
0,00
00%
0,00
00%
16.8
47
0,03
13%
0,03
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISH
ARE
S V
II P
LC
0,00
00%
0,00
00%
5.56
5
0,01
03%
0,01
32%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ISL
AN
D C
API
TAL
INV
EST
ME
NTS
II,
LLC
0,00
00%
0,00
00%
2.54
6
0,00
47%
0,00
60%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
JAN
US
SON
HO
ON
HEN
DER
RIZ
FU
ND
0,00
00%
0,00
00%
215
.099
0,39
97%
0,50
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
JOH
CM
INT
ERN
ATI
ON
AL
SM
ALL
CA
P E
QU
ITY
FU
ND
0,00
00%
0,00
00%
79.8
97
0,14
85%
0,18
90%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
KA
ISE
R F
OU
ND
ATI
ON
HO
SPI
TAL
S
0,00
00%
0,00
00%
2.77
1
0,00
51%
0,00
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
KA
ISE
R P
ERM
AN
ENT
E G
ROU
P T
RU
ST
00% 00% 12.2
58
28% 90% 00% 00% 00%
KP
INT
ERN
ATI
ON
AL
ITY
FU
0,00
00%
0,00
00%
1.18
1
0,02
22%
0,02
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
EQU
ND
LAB
ORE
RS'
AN
BOA
AN
& B
F O
F C
HIC
AG
O
D R
ET
RD
EM
PL
NU
ITY
ENE
FIT
0,00
00%
0,00
00%
14.3
75
0,00
67%
0,00
40%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LEG
AL
& G
ENE
RAL
ICA
V
0,00
00%
0,00
00%
200 0,02
04%
0,03
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LEG
AL
AN
D G
ENE
RAL
AS
SUR
AN
CE
PEN
SIO
NS
MA
NA
GEM
ENT
LIM
ITE
D
0,00
00%
0,00
00%
3.36
6
0,00
63%
0,00
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LEG
AL
AN
D G
ENE
RAL
CO
LLE
CTI
VE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
490 0,00
09%
0,00
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LM
IF L
MG
AM
I EU
RO
SM
LL
CP
0,00
00%
0,00
00%
6.02
6
0,00
12%
0,00
43%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
LOS
AN
GEL
ES
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
0,00
00%
0,00
0,00
00%
2.21
9
0,01
0,00
41%
0,01
0,00
52%
0,00
0,00
00%
0,00
0,00
00%
0,00
0,00
00%
0,00
00%
0,00
00%
LOS
AN
GEL
ES
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
9.97
9
0,01
85%
0,02
36%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
M+
G IN
VES
TM
ENT
FU
ND
S (7
)- M
+G
EUR
OPE
AN
SE
LEC
T F
UN
D
0,00
00%
0,00
00%
58.8
25
0,10
93%
0,13
92%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
G IN
VES
S (7
)- M
+G
PAN
ROP
EAN
M+
TM
ENT
FU
ND
EU
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
62.5
64
0,11
63%
0,14
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
INS
TAY
INT
ERN
ATI
ON
AL
EQU
ITY
FU
ND
0,00
00%
0,00
00%
118
.222
0,21
97%
0,27
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
INS
TAY
VP
INT
ERN
ATI
ON
AL
EQU
ITY
PO
RTF
OLI
O
0,00
00%
0,00
00%
173
.102
0,32
17%
0,40
95%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MAP
192
SEG
REG
ATE
D PO
RTF
OLIO
, A S
EG P
ORT
OF
LMA
SPC
MG
D BY
PAN
AGO
RA A
SST
MGM
NT I
NC P
M A
CT
0,00
00%
0,00
00%
7.63
2
0,01
42%
0,01
81%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
RRI
OTT
INT
, IN
C. P
OO
LED
INV
TR
FO
R P
ART
ICIP
AN
T D
IRE
CTE
D A
CC
0,00
00%
0,00
00%
6.76
4
0,01
26%
0,01
60%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MA
AN
D S
TAT
& P
ENS
ION
SY
STE
RYL
E R
ETI
REM
ENT
M
0,00
00%
0,00
00%
1.57
8
0,00
29%
0,00
37%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ME
RCE
R Q
IF C
CF
0,00
00%
0,00
00%
45.3
67
0,08
43%
0,10
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ME
TZL
ER
INT
ERN
ATI
ON
AL
INV
. PL
C
0,00
00%
0,00
00%
105
.362
0,19
58%
0,24
93%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MI
FON
DS
K10
SPK
0,00
00%
0,00
00%
11.6
74
0,02
17%
0,02
76%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MM
SE
LEC
T E
QU
ITY
AS
SET
FU
ND
0,00
00%
0,00
00%
230 0,00
04%
0,00
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MS
CI E
AFE
SM
ALL
CA
OV
SEC
CO
ON
P PR
IND
EX
MM
TR
F
0,00
00%
0,00
00%
7.13
0
0,01
33%
0,01
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MU
F L
YX
OR
FTS
E IT
ALI
A M
ID C
AP
0,00
00%
0,00
00%
37.2
89
0,06
93%
0,08
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MU
L -
LYX
OR
ITA
LIA
EQ
UIT
Y P
IR
0,00
00%
0,00
00%
2.96
7
0,00
55%
0,00
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NIC
LOY
EES
' AN
OF
CH
ICA
GO
MU
IPA
L E
MP
NU
ITY
AN
D B
ENE
FIT
FU
ND
0,00
00%
0,00
00%
42.5
41
0,07
91%
0,10
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MU
NIC
IPA
L E
MP
LOY
EES
' AN
NU
ITY
AN
D B
ENE
FIT
FU
ND
OF
CH
ICA
GO
0,00
00%
0,00
00%
676 0,00
13%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
L C
OU
NCI
L F
OR
SOC
IAL
SE
CUR
ITY
FU
ND
, P.R
.C
0,00
00%
0,00
00%
1.99
9
0,00
37%
0,00
47%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
L R
AIL
ROA
D R
ETI
REM
ENT
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
1.89
8
0,00
35%
0,00
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
L R
AIL
ROA
D R
ETI
REM
ENT
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
10.6
14
0,01
97%
0,02
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TIO
NA
EST
STE
AN
LC
AS
STE
E O
ES
STR
AT
L W
MIN
R B
K P
TRU
F K
INV
F
0,00
00%
0,00
00%
2.19
8
0,00
41%
0,00
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NA
TW
EST
DE
P C
F O
DEY
AB
SOL
UTE
RT
N
0,00
00%
0,00
00%
52.9
96
0,09
85%
0,12
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEB
RA
SKA
PU
BLI
C E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
17.9
54
0,03
34%
0,04
25%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
ME
XIC
O S
TAT
E IN
VES
TM
ENT
CO
UN
CIL
0,00
00%
0,00
00%
1.20
0
0,00
22%
0,00
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
0,00
00%
0,00
00%
316 0,00
06%
0,00
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
YO
SUR
AN
CE
& A
Y C
ORP
OR
NEW
RK
LIF
E IN
NN
UIT
0,00
00%
0,00
00%
3.74
2
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00
00%
0,00
00%
2.17
3
0,00
40%
0,00
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00
00%
0,00
00%
897 0,00
17%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
LIF
E IN
SUR
AN
CE
COM
PAN
Y
0,00
00%
0,00
00%
228
.970
0,42
55%
0,54
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
YO
RK
STA
TE
COM
MO
N R
ETI
REM
ENT
FU
ND
0,00
00%
0,00
00%
6.38
1
0,01
19%
0,01
51%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NEW
ZE
ALA
ND
SU
PER
AN
NU
ATI
ON
FU
ND
0,00
00%
0,00
00%
22 0,00
00%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NK
B 1
051
3 G
LOB
AL
DIV
ERS
IFIE
D
0,00
00%
0,00
00%
13.5
56
0,02
52%
0,03
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00
00%
0,00
00%
13.0
08
0,02
42%
0,03
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NO
UST
GL
OBA
VES
S C
OLL
ECT
S TR
UST
RTH
ERN
TR
L IN
TM
ENT
IVE
FU
ND
0,00
00%
0,00
00%
255 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NO
RTH
ERN
TR
UST
GL
OBA
L IN
VES
TM
ENT
S C
OLL
ECT
IVE
FU
ND
S TR
UST
0,00
00%
0,00
00%
4.28
8
0,00
80%
0,01
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
NTG
I-QM
CO
MM
ON
DA
ILY
AL
L C
OU
NW
D E
X-U
S IN
V M
KT
IND
EX
F N
ON
LEN
D
0,00
00%
0,00
00%
657 0,00
12%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
OD
EY
INV
EST
ME
NTS
PL
C
0,00
00%
0,00
00%
39.0
00
0,07
25%
0,09
23%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
OD
EY
INV
EST
ME
NTS
PL
C
0,00
00%
0,00
00%
9.56
7
0,01
78%
0,02
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ON
EPA
GLO
BAL
SH
ARE
S - S
MA
CAP
(UN
GED
) IN
POO
TH
LL
HED
DEX
L
0,00
00%
0,00
00%
1.18
6
0,00
22%
0,00
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ORE
GO
N P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T SY
STE
M
0,00
00%
0,00
00%
2.49
2
0,00
46%
0,00
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ORE
GO
N P
UBL
IC E
MPL
OYE
ES
RET
IRE
MEN
T SY
STE
M
0,00
00%
0,00
00%
3.32
0
0,00
62%
0,00
79%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
OW
ENS
CO
RNI
NG
DE
FIN
ED
BEN
EFI
T M
AS
TR
0,00
00%
0,00
00%
3.08
5
0,00
57%
0,00
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
AG
ORA
AS
SET
MA
NA
GEM
ENT
INC
0,00
00%
0,00
00%
113 0,00
02%
0,00
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PAN
AG
ORA
AS
SET
MA
NA
GEM
ENT
INC
0,00
00%
0,00
00%
64 0,00
01%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PEN
SIO
N P
LAN
FO
R T
HE
EM
PLO
YEE
S O
F C
ON
COR
DIA
UN
IVE
RSI
TY
0,00
00%
0,00
00%
2.67
6
0,00
50%
0,00
63%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PEN
SIO
N R
ESE
RVE
S IN
VES
TM
ENT
TR
UST
FU
ND
0,00
00%
0,00
00%
3.19
2
0,00
59%
0,00
76%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SIO
ESE
S IN
VES
UST
PEN
N R
RVE
TM
ENT
TR
FU
ND
0,00
00%
0,00
00%
5.51
0
0,01
02%
0,01
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PHC
NT
SM
ALL
CA
P
0,00
00%
0,00
00%
1.71
9
0,00
32%
0,00
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PIN
E IS
LAN
D II
I, L
LC
0,00
00%
0,00
00%
12.3
09
0,02
29%
0,02
91%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PRO
DU
CER
-WR
ITE
RS
GU
ILD
OF
AM
ERI
CA
PEN
SIO
N P
LAN
0,00
00%
0,00
00%
378 0,00
07%
0,00
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PS F
R D
EVE
L M
AR
K E
X U
S SM
ALL
PO
RT
00% 00% 1.74
3
32% 41% 00% 00% 00%
PS F
TSE
RAF
SM
UCI
TS
TCI
I EU
ETF
BN
YM
L
0,00
00%
0,00
00%
272 0,00
05%
0,00
06%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
AS
SOC
IAT
ION
OF
NE
W M
EXI
CO
0,00
00%
0,00
00%
1.54
0
0,00
29%
0,00
36%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00
00%
0,00
00%
5.32
0
0,00
99%
0,00
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00 0,00 2 0,00 0,01 0,00 0,00 0,00 0,00
00%
LIC
EM
PLO
YEE
S R
ETI
REM
SY
STE
M O
F O
HIO
0,00
00%
0,00
00%
6.41 0,01
19%
0,01
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
ENT
0,00
00%
0,00
00%
4.96
8
0,00
92%
0,01
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
PUB
LIC
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M O
F O
HIO
0,00
00%
0,00
00%
32.4
12
0,06
02%
0,07
67%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
QA
NTA
S SU
PER
NN
AU
TIO
N L
IMI
TED
AS
TR
UST
EE
FOR
TH
E Q
AN
TAS
SU
PER
NN
UA
TIO
N P
LAN
0,00
00%
0,00
00%
15.7
81
0,02
93%
0,03
73%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
REN
AIS
SAN
CE
GLO
BAL
SM
ALL
-CA
P FU
ND
0,00
00%
0,00
00%
2.66
6
0,00
50%
0,00
63%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RET
AIL
EM
PLO
YEE
S SU
PER
AN
NU
ATI
ON
TR
UST
0,00
00%
0,00
00%
117
.079
0,21
76%
0,27
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ROC
HE
U.S
. RE
TIR
EM
ENT
PL
AN
S M
AST
ER
TRU
ST
0,00
00%
0,00
00%
11.3
78
0,02
11%
0,02
69%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ROW
F G
T A
CW
I EX
US
0,00
00%
0,00
00%
50.2
45
0,09
34%
0,11
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RU
SSE
LL
INV
EST
ME
NT
COM
PAN
Y IV
PL
C
0,00
00%
0,00
00%
3.27
1
0,00
61%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RU
SSE
LL
INV
EST
ME
NT
COM
PAN
YM
ULT
I AS
SET
GR
OW
TH
STR
ATE
GY
FU
ND
0,00
00%
0,00
00%
7.01
5
0,01
30%
0,01
66%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
CIT
EA
RW
FE
0,00
00%
0,00
00%
14.7
84
0,02
75%
0,03
50%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RYD
ER
COU
RT
INT
ERN
ATI
ON
AL
SM
ALL
CO
MP
AN
IES
FU
ND
(DS
T)
0,00
00%
0,00
00%
3.51
7
0,00
65%
0,00
83%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SAC
RAM
ENT
O C
OU
NTY
EM
PLO
YEE
S R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
21.6
15
0,04
02%
0,05
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SAN
DIE
GO
CIT
Y E
MP
LOY
EES
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
10.0
70
0,01
87%
0,02
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SBC
MA
STE
R P
ENS
ION
TR
UST
SB
C M
AST
ER
PEN
SIO
N T
RU
ST
208
0,00
00%
0,00
00%
19.4
11
0,03
61%
0,04
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
AD
VA
NCE
ETA
GL
OBA
QU
SM
A
ER
D B
L E
ITY
0,00
00%
0,00
00%
20.0
27
0,03
72%
0,04
74%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
INT
ERN
ATI
ON
AL
SEL
ECT
ION
FU
ND
0,00
00%
0,00
00%
123
.808
0,23
01%
0,29
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
INT
ERN
ATI
ON
AL
SEL
ECT
ION
FU
ND
0,00
00%
0,00
00%
2.87
5
0,00
53%
0,00
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
ROD
ER
PEN
SIO
N M
AN
AG
EM
ENT
LT
D
0,00
00%
0,00
00%
5.81
9
0,01
08%
0,01
38%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCH
WA
B IN
TER
NA
TIO
NA
L S
MA
LL-
CAP
EQ
UIT
Y E
TF
0,00
00%
0,00
00%
18.7
66
0,03
49%
0,04
44%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SCS
NA
VIG
ATO
R F
UN
D
0,00
00%
0,00
00%
6.02
9
0,01
12%
0,01
43%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SEI
GL
OBA
L M
AST
ER
FUN
D P
LC
0,00
00%
0,00
00%
29.7
24
0,05
52%
0,07
03%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SEI
LU
PUS
AL
PHA
PA
N E
UR
OPE
AN
0,00
00%
0,00
00%
18.5
79
0,03
45%
0,04
40%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SHE
SIO
NS
ST L
AS
UST
OF
SHE
CON
ORY
NSI
ON
LL
PEN
TRU
IMI
TED
TR
EE
LL
TRI
BUT
PE
FU
ND
0,00
00%
0,00
00%
4.59
8
0,00
85%
0,01
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SHE
LL T
RUS
T (B
ERM
UDA
) LIM
ITED
AS
TRU
STEE
OF
THE
SHE
LL I
NTE
RNA
TION
AL P
ENS
ION
FUN
D
0,00
00%
0,00
00%
456 0,00
08%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SHE
LL
TRU
ST
(BE
RM
UD
A) L
TD
AS
TRU
STE
E O
F T
HE
SHE
LL
OV
ERS
EAS
C.P
. FU
ND
0,00
00%
0,00
00%
2.19
8
0,00
41%
0,00
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SOG
ECA
P A
CTI
ON
S SM
ALL
CA
P
0,00
00%
0,00
00%
102
.060
0,18
97%
0,24
14%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SON
DER
VER
MO
EGE
N B
KM
0,00
00%
0,00
00%
21.6
48
0,04
02%
0,05
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SON
MO
EGE
DER
VER
N K
MF
0,00
00%
0,00
00%
38.1
34
0,07
09%
0,09
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SPD
R S
&P
WO
RLD
(EX
-US
) ET
F
0,00
00%
0,00
00%
24.6
39
0,04
58%
0,05
83%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SS B
K A
ND
TR
UST
CO
MP
AN
Y IN
V F
UN
DS
FOR
TA
XEX
EM
PT
RET
IRE
ME
NT
PL
0,00
00%
0,00
00%
21.1
83
0,03
94%
0,05
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SS B
K A
ND
TR
UST
CO
MP
AN
Y IN
V F
UN
DS
FOR
TA
XEX
EM
PT
RET
IRE
ME
NT
PL
0,00
00%
0,00
00%
18.6
51
0,03
47%
0,04
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SSG
A S
FS E
URO
BLIC
CO
PDR
ET
PE
II PU
LIM
ITED
MPA
NY
0,00
00%
0,00
00%
929 0,00
17%
0,00
22%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SSG
A S
PDR
ET
FS E
URO
PE
II PU
BLIC
LIM
ITED
CO
MPA
NY
0,00
00%
0,00
00%
3.06
1
0,00
57%
0,00
72%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
SSG
A S
PDR
ET
FS E
URO
PE
II PU
BLIC
LIM
ITED
CO
MPA
NY
0,00
00%
0,00
00%
81 0,00
02%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
TE
OF
ALA
SKA
RE
TIR
EM
ENT
AN
D B
ENE
FIT
S PL
AN
S
0,00
00%
0,00
00%
7.65
8
0,01
42%
0,01
81%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
TE
OF
ALA
SKA
RE
TIR
EM
ENT
AN
D B
ENE
FIT
S PL
AN
S
0,00
00%
0,00
00%
194 0,00
04%
05%
0,00
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STA
TE
OF
NEW
JER
SEY
CO
MM
ON
PE
NSI
ON
FU
ND
D
0,00
00%
0,00
00%
56.0
08
0,10
41%
0,13
25%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STI
CHT
ING
PE
NSI
OEN
FON
DS
VO
OR
HU
ISA
RTS
EN
0,00
00%
0,00
00%
1.90
3
0,00
35%
0,00
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STI
CHT
ING
PH
ILIP
S PE
NSI
OEN
FON
DS
0,00
00%
0,00
00%
3.77
8
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
STI
CHT
ING
SH
ELL
PE
NSI
OEN
FON
DS
0,00
00%
0,00
00%
7.10
2
0,01
32%
0,01
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TEA
CHE
RS'
RET
IRE
ME
NT
SYS
TEM
OF
TH
E S
TAT
E O
F IL
LIN
OIS
0,00
00%
0,00
00%
102
.138
0,18
98%
0,24
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TEA
CHE
RS'
S R
ETI
REM
ENT
SY
STE
M O
F O
KLA
HO
MA
0,00
00%
0,00
00%
64.4
93
0,11
99%
0,15
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TEX
AS
MU
NIC
IPA
L R
ETI
REM
ENT
SY
STE
M
0,00
00%
0,00
00%
61.7
92
0,11
48%
0,14
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
ROW
STR
CO
ON
CON
CTU
THE
AR
EET
MM
TRA
AL
FUN
D
0,00
00%
0,00
00%
17.2
58
0,03
21%
0,04
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
AR
ROW
STR
EET
CO
MM
ON
CON
TRA
CTU
AL
FUN
D
0,00
00%
0,00
00%
15.4
64
0,02
87%
0,03
0,00
00%
0,00
00%
0,00
00%
0,00
00%
66%
THE
BO
EIN
G C
OM
PAN
Y E
MP
LOY
EE
RET
IRE
ME
NT
P
0,00
00%
0,00
00%
776
0,00
14%
0,00
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
BO
EIN
G C
OM
PAN
Y E
MP
LOY
EE
RET
IRE
ME
NT
P
0,00
00%
0,00
00%
53.5
97
0,09
96%
0,12
68%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GB
C IN
GRO
0,00
00%
0,00
00%
35.3
33
0,06
57%
0,08
36%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
TL
WT
H F
UN
D
THE
ME
THO
DIS
T H
OSP
ITA
L
0,00
00%
0,00
00%
15.1
83
0,02
82%
0,03
59%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
47
0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
78
0,00
01%
0,00
02%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
GEN
TS
OF
RSI
OF
CAL
IFO
THE
RE
THE
UN
IVE
TY
RNI
A
0,00
00%
0,00
00%
3
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
RE
GEN
TS
OF
THE
UN
IVE
RSI
TY
OF
CAL
IFO
RNI
A
0,00
00%
0,00
00%
57
0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
ST
ATE
OF
CO
NN
ECT
ICU
T A
CTI
NG
THR
OU
GH
ITS
TR
EAS
URE
R
0,00
00%
0,00
00%
83.3
56
0,15
49%
0,19
72%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
TIF
F K
EYS
TON
E F
UN
D, L
.P.
0,00
00%
0,00
00%
1.27
8
0,00
24%
0,00
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
TR
UST
EES
OF
CA
TER
PIL
LAR
PE
NSI
ON
PL
AN
0,00
00%
0,00
00%
9.47
1
0,01
76%
0,02
24%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
THE
WA
WA
NES
A M
UTU
AL
INS
URA
NCE
CO
MP
AN
Y
0,00
00%
0,00
00%
3.23
8
0,00
60%
0,00
77%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TIA
A-C
ATI
ON
AL
SM
ALL
-CA
QU
0,00
00%
0,00
00%
28.0
00
0,05
20%
0,06
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
REF
INT
ERN
P E
ITY
FU
ND
TIF
F IN
VES
TM
ENT
PR
OG
RAM
, IN
C -
TIF
F M
ULT
I-A
SSE
T F
UN
D
0,00
00%
0,00
00%
13.7
80
0,02
56%
0,03
26%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TOU
CHS
TON
E S
TRA
TEG
IC T
RU
ST-
INT
0,00
00%
0,00
00%
54.9
71
0,10
22%
0,13
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
DIC
TS
ST
0,00
00%
0,00
00%
1.47
4
0,00
27%
0,00
35%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
AL
BEN
EFI
TRU
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
837
0,00
16%
0,00
20%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
1.79
0
0,00
33%
0,00
42%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
1.27
8
0,00
24%
0,00
30%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UA
W R
ETI
REE
ME
DIC
AL
BEN
EFI
TS
TRU
ST
0,00
00%
0,00
00%
900
0,00
17%
0,00
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
S (U
S) G
ROU
ST
0,00
00%
0,00
00%
717
0,00
13%
0,00
17%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UB
P T
RU
UB
S ET
F
0,00
00%
0,00
00%
157
0,00
03%
0,00
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UB
S FU
ND
MG
T (C
H) A
G C
H05
16/U
BSC
HIF
2-E
GSC
PII
0,00
00%
0,00
00%
4.44
7
0,00
83%
0,01
05%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
US
STE
EL
CAN
AD
A IN
C M
AST
ER
TRU
ST
0,00
00%
0,00
00%
3.74
7
0,00
70%
0,00
89%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
UTA
H S
TAT
E R
ETI
REM
ENT
SY
STE
MS
0,00
00%
0,00
00%
2.11
2
0,00
39%
0,00
50%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
ALL
-CA
ORT
H A
RIC
A E
QT
PO
OLE
0,00
00%
0,00
00%
35
0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RD
DEV
EL
P E
X N
ME
IND
D F
UN
D
VA
NG
UA
RD
DEV
ELO
PED
MA
RKE
TS
IND
EX
FUN
D
0,00
00%
0,00
00%
104
.389
0,19
40%
0,24
70%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
EUR
OPE
AN
ST
OCK
IND
EX
FUN
D
0,00
00%
0,00
00%
45.8
30
0,08
52%
0,10
84%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E A
LL
WO
RLD
SM
ALL
CA
P IN
D F
U
0,00
00%
0,00
00%
42.2
30
0,07
85%
0,09
99%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E D
EVE
LOP
ED
ALL
CA
P E
X N
ORT
H A
ME
RIC
A IN
DEX
ET
F
0,00
00%
0,00
00%
414
0,00
08%
0,00
10%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
FTS
E D
EVE
LOP
ED
EUR
OPE
AL
L C
AP
IND
EX
ETF
0,00
00%
0,00
00%
396
0,00
07%
0,00
09%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INT
ERN
ATI
ON
AL
SM
ALL
CO
MP
AN
IES
I
0,00
00%
0,00
00%
2.03
6
0,00
38%
0,00
48%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
INV
FU
ND
S IC
VC
-VA
NG
UA
RD
FTS
E G
LOB
AL
L C
AP
IND
FU
ND
0,00
00%
0,00
00%
40
0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
EST
SER
IES
C
0,00
00%
0,00
00%
5.42
2
0,01
01%
0,01
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
RD
INV
ME
NT
, PL
VA
NG
UA
RD
TOT
AL
INT
ERN
ATI
ON
AL
STO
CK
IND
EX
0,00
00%
0,00
00%
251
.627
0,46
76%
0,59
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VA
NG
UA
RD
TOT
AL
WO
RLD
ST
OCK
IND
EX
FUN
D
0,00
00%
0,00
00%
6.21
3
0,01
15%
0,01
47%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VER
DIP
API
RFO
ND
ET
KLP
AK
SJE
GLO
BAL
SM
ALL
CA
P IN
DEK
S I
0,00
00%
0,00
00%
1.95
3
0,00
36%
0,00
46%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VFM
SM
ALL
CO
MP
AN
IES
TR
UST
0,00
00%
0,00
00%
30.4
80
0,05
66%
0,07
21%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
C IN
NA
TIO
NA
QU
UST
1
0,00
00%
0,00
00%
17.2
52
0,03
21%
0,04
08%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VFM
TER
L E
ITY
TR
VFM
C IN
TER
NA
TIO
NA
L E
QU
ITY
TR
UST
2
0,00
00%
0,00
00%
36.4
29
0,06
77%
0,08
62%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
VIR
GIN
IA R
ETI
REM
ENT
SY
STE
M .
0,00
00%
0,00
00%
38.2
02
0,07
10%
0,09
04%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SAT
CH
GLO
BAL
OP
POR
TUN
ITIE
S FU
ND
0,00
00%
0,00
00%
16.9
16
0,03
14%
0,04
00%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SAT
CH
INT
ERN
ATI
ON
AL
GRO
WT
H F
UN
D
0,00
00%
0,00
00%
327
.680
0,60
89%
0,77
52%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WA
SAT
CH
L S
MA
CAP
GR
OW
0,00
00%
0,00
00%
11.6
05
0,02
16%
0,02
75%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
INT
LL
TH
WA
SHI
NG
TON
ST
ATE
INV
EST
ME
NT
BOA
RD
0,00
00%
0,00
00%
7.62
5
0,01
42%
0,01
80%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WE
ST V
IRG
INIA
INV
EST
ME
NT
MA
NA
GEM
ENT
BO
ARD
0,00
00%
0,00
00%
6.28
5
0,01
17%
0,01
49%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WH
EEL
S C
OM
MO
N IN
VES
TM
ENT
FU
ND
0,00
00%
0,00
00%
660
0,00
12%
0,00
16%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R C
OLL
ECT
IVE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
111
.636
0,20
75%
0,26
41%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R C
OLL
ECT
IVE
INV
EST
ME
NT
TRU
ST
0,00
00%
0,00
00%
60.4
24
0,11
23%
0,14
29%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIL
LIA
M B
LAI
R IN
TER
NA
TIO
NA
L S
MA
LL
CAP
GR
OW
TH
FUN
D
0,00
00%
0,00
00%
135
.200
0,25
12%
0,31
98%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
DY
NA
MIC
CU
RRE
NCY
HE
DG
ED
INT
RNL
SM
ALL
CAP
0,00
00%
0,00
00%
762
0,00
14%
0,00
18%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
ROP
GR
OW
0,00
00%
0,00
00%
2.24
0,00
42%
0,00
53%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MT
REE
EU
E D
IVID
END
TH
FUN
D
9
WIS
DO
MT
REE
EU
ROP
E H
EDG
ED
SM
ALL
CAP
EQ
UIT
Y F
UN
D
0,00
00%
0,00
00%
11.9
32
0,02
22%
0,02
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E L
OCA
L R
ECO
VER
Y F
UN
D
0,00
00%
0,00
00%
3.44
9
0,00
64%
0,00
82%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
EU
ROP
E S
MA
LLC
AP
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
119
.537
0,22
21%
0,28
28%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
ERN
ATI
ON
AL
HED
GED
DIV
IDE
ND
GR
OW
TH
FUN
D
0,00
00%
0,00
00%
14.3
17
0,02
66%
0,03
39%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
ATI
ON
AL
QU
ALI
GR
OW
0,00
00%
0,00
00%
564
0,00
10%
0,00
13%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
MT
REE
INT
ERN
TY
DIV
IDE
ND
TH
FUN
D
SUN
SUP
SUP
ERA
UA
TIO
ER
NN
N F
UN
D
0,00
00%
0,00
00%
10.3
76
0,01
93%
0,02
45%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
ERN
ATI
ON
AL
SM
ALL
CAP
DIV
IDE
ND
FU
ND
0,00
00%
0,00
00%
96.9
64
0,18
02%
0,22
94%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
INT
L Q
UA
LIT
Y D
IVID
END
GR
OW
TH
IND
EX
ETF
0,00
00%
0,00
00%
470 0,00
09%
0,00
11%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
L Q
UA
GR
OW
VA
RIA
DG
MT
REE
INT
LIT
Y D
VD
TH
BLY
HE
ED
IND
EX
ETF
0,00
00%
0,00
00%
286 0,00
05%
0,00
07%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
ISS
UER
PU
BLI
C L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
58 0,00
01%
0,00
01%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WIS
DO
MT
REE
ISS
UER
PU
BLI
C L
IMI
TED
CO
MP
AN
Y
0,00
00%
0,00
00%
2.29
6
0,00
43%
0,00
54%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WM
PO
OL
- EQ
UIT
IES
TR
UST
NO
. 72
0,00
00%
0,00
00%
21.6
33
0,04
02%
0,05
12%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
WY
OM
ING
RE
TIR
EM
ENT
SY
STE
M
0,00
00%
0,00
00%
33.6
79
0,06
26%
0,07
97%
0,00
00%
0,00
00%
0,00
00%
0,00
00%
TO
TAL
0 0,00
00%
0,00
00%
42.2
69.3
44
78,5
514
%
99,9
970
%
1.25
2
0,00
23%
0,00
30%
0 0,00
00%
0,00
00%

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